For some, it’s amazing. For others, not so much. But there are rules you have to follow. You aren’t allowed to get any personal benefit from the property. You can’t perform any physical labor to improve or maintain the property. If you get a loan, it must be “non-recourse” and you would then have to pay “unrelated debt financed income tax” on any profits. If you aren’t prepared to observe the rules, don’t do it.