If you are in DFW area, do you recommend any meetups that aren't sales/marketing groups disguised as a RE meetup?

You'd think 60 years would have cleansed all that but it hasn't.You might target social service and local agencies since this property was in the past a half way house or similar and was only converted to market housing to make the sale to you.

The biggest challenge we faced is the property's proximity to a railroad, which has proven to be an impediment to the sale.

There is no seasoning requirement involved since the property isn't a short sale and it isn't someone buying REO from a bank with a seasoning requirement.

No tax so far I think.2) If I convert that partnership interest into shares in a PUBLICLY traded UPREIT I trigger tax on the deemed sale/exchange of the partnership interest into stock of the REIT?

The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

I also don't like funds for the lack of transparency (no DCF, no rent comp, no sales comp, no sensitivity analysis etc) even if properties are already identified.

That typically puts your rent to sales price around .75-.8 ish give or take but these areas tend to appreciate more consistently from what I've seen and the rental clientele is more consistent. 

-Cons: On sale of property, the new owner would have to start from scratch on the income generation.

The biggest challenge we faced is the property's proximity to a railroad, which has proven to be an impediment to the sale.