The structure you are talking about is not forbidden, but you will need a knowledgeable professional handling you partnership tax allocation and maintaining your capital accounts. 

My one thought, you have no repairs( there is always some) and they have fixed the big things for the last 3 years, this will make managing and maintaining much easier but you will not be able to do any forced appreciation.

For LLCs taxed as partnerships and S Corps, the capital gains and losses maintain their character as capital gains and losses and flow through to the owners on their K-1s. 

I understand there is some maintainence, ie the occasional dose of.      

Hello there.I’m Eric, I’m 31, and ready for a career change.My career background is as follows: - IT support - Apple Consultant (9 years, current job) - Network infrastructure design and deployment (2 years) - Video production - informercials, commercials, music videos, & real estate video w/ drones (shooting, editing, etc) (5 years) - Photography assistant for well-known photographer (5 years) - Front-end web developer (5 years as job, more for my own businesses)I’ve started up and have run 3 businesses (and many more failed ventures) in these various fields, with varying successes over the years.I’ve done a lot of the following for my own companies:-branding and marketing - logo design - web development - SaaS application research and optimized workflow integration - video production (use to have $45k worth of gear) - sales and invoicing - referral networking (member of some groups for 4 years) - administrative duties / bookkeepingI’m use to doing the sales, project work, and invoicing for a multitude of clients.

He maintained the property very well, no immediate renovation issues were seen other than dated kitchens and flooring.

Excellent reminder for all, thank you.I have a contract with a fire protection company to test and maintain detectors, as well as maintain/recharge/replace fire extinguishers.  

A properly installed and maintained system will last a long time.

They saved a lot of money because they did not maintain things or manage anything.

What's an optimal average mile radius, what's a bit too far?