@sjrcpa  "I don't think an S Corp is a good idea for real estate."

I don't either, in most cases.  But most of these seminar cult followers are too independent to hold a real job, so there's a lot of self-employment involved and a lot of effort to avoid Social Security taxes while maintaining cash flow.  

And a 1040 with 4 rentals on a Schedule E is probably higher on the list of IRS audit priorities, than an 1120-S with the same numbers.