To my knowledge, they've made every payment on time including during the great recession.I asked PPR about their up/down market positioning before I invested. 

Because you don't have the time or the knowledge or the time or patience to acquire the knowledge to actively invest. 

Hopefully someone with more tax knowledge than I will chime in, but as you can imagine, they are busy this time of year.  

Some of the best information in connecting with that Architect is their knowledge of the locale and areas which are the easiest to get permits and start work quickly.

How much knowledge do you have on US real estate? 

Local knowledge can also improve investment outcomes.

Seemed like a nice and knowledgeable guy.

Knowledge is the only way to invest profitably in any market.

However, you should always do some market research, talk to an attorney, and be knowledgeable about the law in NYC.

I can appreciate that advise but being a Realtor and and My Dad being an master electrician (with a much broader knowledge base that goes more into being a GC without a license - and no we won't use him as an unlicensed GC) I feel pretty confident that we can do our first flip and be successful.