To be brutally honest i don't care if it's at cost, below or above, I only care what it is exactly and how much. 

It should go without saying, but I do understand when you're new to real estate expectations can be out of line with reality --- if you finance 100% of a deal you will not see any money out of the deal for many years and will be putting money in for many years.

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 had spent $3k on a mentor a couple years back and it was also a waste of money. there are some good resources and mentors out there, but some people just use social media to promote their "expertise" when in reality they just provide a bad experience, just like pace morby Truth.

In reality, the insurance payout reduces the adjusted basis.

Im saying that this is just the reality of how things work in EBR - theyre unlikely to immediately pull the exemption.

But the perception of difficulty is greater than the reality usually.

I remember it well as a buy and hold guy it was brutal for the developers it was as bad as it gets. 

thats far more than you will make starting out as an agent.. but once you get stateside and if you are successful at Commerical RE  takes 5 to 10 years to build your book.. then big income is a reality..  

I see a ton of sellers and listing agents overpricing homes and end up with big "price drops" back to reality.