Syndication Reporting IssuesMissing Form 8918 for reportable transactionsInconsistent investor disclosuresRequired registrations skippedWhat Doesn't Actually Matter:(Despite What Your Uncle's CPA Says)Special AllocationsNormal promote structuresStandard waterfall provisionsTypical developer promotesReality: Unless extremely aggressive, IRS rarely caresTechnical DocumentationMinor §704(b) gapsCapital account glitchesTechnical allocation languageTruth: Unless hiding something biggerProperty Value AllocationsNormal basis step-upsTypical appreciation splitsStandard promote calculationsReal World Example:🏢 100-unit apartment complex4 partners, $5M dealDeveloper promote structure= Zero IRS interestSame Deal With Red Flags:🏢 100-unit apartment complexHidden partner arrangementsArtificial loss allocationsUnreported debt shifts= IRS AttentionPractical Protection Steps:Basic Documentation✅ Clean operating agreement✅ Economic substance✅ Partner contributions tracked(Don't need War & Peace complexity)Economic Reality✅ Allocations match economics✅ Real money movement✅ Actual partner participationClean Reporting✅ Consistent K-1s✅ Required forms filed✅ Clear communicationThe "Sleep Well" Test:Can you explain your structure to an IRS agent without sweating?

I run into properties with 300-400% ROI on a regular basis.   

He regularly analyzes the data and lists the Top Ten areas to invest in. 

Keeping clean records from day one really helps when tax season rolls around.

I've personally driven this neighborhood and was amazed at how nice and clean it is.

Out of curiosity, who are you trusting for your turnovers and cleanings?

Need so much more info to actually be able to shop rates  :)  No points, 110k, SFR, regular purchase financing, the house is worth around 140k.

If you're looking to treat this as a regular rental, then charging undermarket rent throws a monkey wrench in that. 

Conducting a thorough property inspection or consulting a contractor can help identify potential large-ticket items you might need to replace soon.For make-ready costs, you can look at local averages for common turnover tasks like repainting, carpet cleaning, or minor repairs.

Things like touch-up paint, minor trim fixes, and final deep cleaning can often be done while showing the property.