- Loss of historical data (for both IRS audits and for personal portfolio tracking.)You should be able to print the general ledger and Balance sheet / income statement for each period.

Again, large commitment of time, patience, and ability needed.The amateur of “semi pro” investor should realize that the professional investors (such as myself) spend ALL DAY EVERY DAY doing the above.  

Hey @Logan Barwick, I personally like option 1, but this depends on what your strategy is to grow your real estate portfolio.

Ask your employer if you can have your pay split up into three deposits, one to investments savings, one to your checking account for personal use on a daily basis, and one to an emergency account you can tap into so you don't have to tap into your investment savings.

Another benefit is it is much easier to diversify into multiple markets, asset classes and operators.Just wanted to share an alternative - often active investing is the way to go, but it really depends on the person and it is important to know that there are passive ways to accomplish your financial goals.Good luck!

True, converting a personal Schedule E to a partnership will indeed reduce your IRS audit chances, statistically speaking.

Another popular option is AgFirst but I personally have had a hard time getting responses from them.

The Landlord will verify that the rental is empty of all personal belongings and trash and that there is no damage beyond ordinary wear and tear. 

Of course most GPs have personally put in money to keep the deals from sinking.

I would spend money to enhance and update to current standards the search functionality and person to person tagging so it's easier to find stuff.