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investor’s, so guests have no idea who owns their rooms.
Onsite hotel management ran the day-to-day operations of the
hotel condos. These included checking in guests, making routine
repairs, cleaning the units, and preparing financial statements
and summaries for the unit owners. The companies kept a portion
of the revenues collected as payment for their work.
The Lapids’ other Florida condominium was a unit in a
complex named The Hacienda del Sol, which they rented out to
longer-term tenants. Mrs. Lapid first employed a manager, whom
she fired due to “integrity problems” (the evidence does not show
when), and she has managed the property herself since then. In
late 2000, the Lapids bought a house in Henderson, Nevada to add
to their portfolio. Mrs. Lapid also managed this property, with
the help of some of her Nevada relatives. She and her husband
would periodically visit both the house and the condo to inspect
them and to make small repairs, though she contracted out larger
ones.
Even though Mrs. Lapid was a full-time nurse, she credibly
testified that she was able to devote a great deal of time to her
real estate activities. While her supervisors expected her to be
available in case of an emergency, they also needed her to be
quiet so that her patients could sleep. Thus, most of her time
at the hospital was spent monitoring her patients by watching
machines while at her station. To allow the nurses to maintain a
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Last modified: May 25, 2011