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Updated about 4 years ago,
Multifamily syndication - Huge travel expenses by asset manager
Hello,
I have invested into a multifamily indication through syndication, as a limited partner.
Our general partner lives in a different city. Whenever they travel to the city where the property is in, they are charging all of their travel expenses to the property. They have charged thousands of dollars of their travel expense so far towards property operating expenses.
My understanding is that this is not a qualified operating expense of the property. Their visits are part of the asset management. Is my understanding correct?
What should we do? How should I proceed?
Thank you