However, I feel very confident this statement is not true since I can think of several REIAs that are nonprofit in the state of KY alone beside the KREIA. 

Has anyone on here eve hired an asset or portfolio manager to manage their real estate portfolio to have true passive income.

@Abad Marroquinare you capping the income from the POH, if so its not a true 17% cap when you do your P&L at month or year end.

As soon as you sell new acquired property, you will have to recognize all the gain that you had just  deferred, not avoided.Maybe your understanding is that once you exchange the property, the gain that is realized on the first property vanishes, but that is not true. 

It is true, we probably could have done better with our pre-planning and drawing up the specifics of the partnership.

I then renovated the place using a combination of credit cards or asking for delayed payments from the contractors. 

Does anybody know if this is true?

The card is 0% interest for 12 months.

no, sets a bad precedence, not required to, get them a gift card or something if you need toMainly, how do I set expectations that the issue cant be resolved in the same day ? 

Mine gave me a list of 1000+ properties they manage, what it rents for and true market rents.