All Forum Posts by: Bob Gruenig

Thank you for your response!

Thank you for your response!  

For some reason, I neglected to mention that I own several single family rental properties, i.e., I have a real estate business but not as a GP as yet.  The personal coaching, although with a primary focus on apartment syndication, has a lot of applicability to my rental properties.

In 2022, I started receiving personal coaching for apartment syndication.  I am an LP in several deals with the intent to become GP as well; I am also not a real estate professional. al.  As such, is it possible deduct the cost of this coaching and, if so, where might this be reflected on my tax return since it would not be attached to a particular business?

Thanks, Ashish

I purchased a out-of-stated rental property in May 2018.  I visited the area prior to purchase of the home and then visited it in December 2018.  

Is my first trip deductible, having eventually purchased a rental property in the market?  

Is my second trip deductible, understanding that I used the trip to visit with the property manager and to also view the outside of the property?

Hey Everyone, thank you for the terrific input! I took the recommendation of James Kojo about speaking with the syndication sponsors who ultimately allowed me to invest a lesser amount which allowed me to avoid investing as part of an LLC. However, I definitely learned a lot from everyone through this thread!

Thanks, Dan.  Actually, one of these groups is involved in the syndication, so I also plan to reach out to them on Monday.

Thanks everyone for your input!  And James, yes, I'm trying to pool my money with my friends as I don't have the minimum myself to invest in the deal.  I will definitely reach out to the sponsors to see if they will make an exception as I would be more comfortable investing as an individual.

Thanks, Chris. I only asked about the template to give me a general understanding of how such an LLC might look on paper. I would absolutely have it reviewed by an appropriate attorney.

There is a syndication in which my wife and I would like to invest alongside with another couple. We have discussed forming an LLC to make such an investment together (e.g., we, as an LLC, would be one of several investors in the syndication). Is this best approach? If so, could you recommend any LLC templates or other forms that apply to this specific type of situation?