Multifamily tax structure

[Tony Lin]

Need some clarification here. Multifamily syndication distributions usually come in three forms, yearly cashflow, refinance, and appreciation. I wanted to make sure I understand how each of these are taxed. Please correct me if I'm wrong in any of these: 

Appreciation: This return on capital is probably most straight forward. For a 5 year hold the appreciation is first reduced by 20% (Trump pass-through deduction), then taxed at long term capital gain

Refinance: Since this is a return of capital it's not taxed. But this in turn increases the amount of return on capital that gets taxed at exit. 

Yearly cashflow: Return on capital. With cost segregation and accelerated depreciation this will likely result in negative cashflow first few years. If there is positive cashflow after depreciation, it would be taxed at individual's tax rate (or another capped rate? I've heard 27% or something). At exit the depreciation is recaptured and the whole amount is taxed at long term capital rate. 

I need the most clarification on the cash flow front. Thanks!