Never heard of NNN in residential. 

I am not sure if an attorney review will help with this, specific, basic level of knowledge.Just like an attorney likely won't call out, from a legal perspective, that you are investing with a sponsor who is 23 yrs old and been a residential loan underwriter for 8 months before trying to piece together a syndication.  

Happy to help anyway we canCheers,PatTurning investment visions into reality in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

(vii) would seem to indicate that you'd be acting as an unlicensed broker.(1) "Broker":(A) means a person who, in exchange for a commission or other valuable consideration or with the expectation of receiving a commission or other valuable consideration, performs for another person one of the following acts:(i) sells, exchanges, purchases, or leases real estate;(ii) offers to sell, exchange, purchase, or lease real estate;(iii) negotiates or attempts to negotiate the listing, sale, exchange, purchase, or lease of real estate;(iv) lists or offers, attempts, or agrees to list real estate for sale, lease, or exchange;(v) auctions or offers, attempts, or agrees to auction real estate;(vi) deals in options on real estate, including a lease to purchase or buying, selling, or offering to buy or sell options on real estate;(vii) aids or offers or attempts to aid in locating or obtaining real estate for purchase or lease;(viii) procures or assists in procuring a prospect to effect the sale, exchange, or lease of real estate;(ix) procures or assists in procuring property to effect the sale, exchange, or lease of real estate;(x) controls the acceptance or deposit of rent from a resident of a single-family residential real property unit;(xi) provides a written analysis, opinion, or conclusion relating to the estimated price of real property if the analysis, opinion, or conclusion:(a) is not referred to as an appraisal;(b) is provided in the ordinary course of the person's business; and(c) is related to the actual or potential management, acquisition, disposition, or encumbrance of an interest in real property; or(xii) advises or offers advice to an owner of real estate concerning the negotiation or completion of a short sale; and

This is probably not real common on residential, but we see it now and then. 

Tenants and investors in general don’t care for their buildings as much/well as residential owners  (who fights reserve increases and special assessments the hardest - investors).

- Jasper / Pat AboukhaledTurning investment visions into reality in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

Jasper / Pat AboukhaledTurning investment visions into REALITY in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

residential real estate is depreciated over 27.5 years, but since you took the bonus depreciation, you pulled a lot of it into the first year.2.

And hey, if you ever think about expanding beyond Louisville, markets like Austin and Scottsdale are buzzing with potential right now.Keep pushing forward, and don't settle for less than you deserve.All the best,- Jasper / Pat AboukhaledTurning investment visions into reality in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC