Agreeing with earlier posts on this that our PoL investments are with individual properties and each holder is assigned a pro rata share of the loan based on the amount invested.  

However a single member LLC may not protect the owner from creditors.For tax purposes an LLC can file as an S Corp (file S election w/IRS first)No upper limits on the number of LLC members, S Corps up to 100No restrictions on LLC ownership interests (flexible), an S Corp can have only 1 class of stock but can have differences in voting rightsSpecial allocations in income, gain, or loss in an LLC is permitted but not in an S Corp they allow pro rata allocations because of the stockIn regards to distribution and contribution of property (not cash) an LLC may have tax advantages over the S Corp.

The problem is, if you're a lowly sponsor without much money, you might have to live off of your crappy pro-rata cash flow for years before your partnership sells off properties and you're rewarded with a huge windfall. 

Mortgage interest and property taxes were divided (on a pro rata basis) between the Schedule E and Schedule A. 

There are many ways to structure it so that those who contribute capital are paid back first, and after that income is distributed pro rata, etc. 

This is always subject to your fund's specific setup, but most syndicated multifamily funds and one-off syndication deals will pass depreciation pro rata to members, cost seg and all.

My goal would be to bring in enough rental income to offset the expenses so that I can reduce my housing expenses as close to zero as possible.I've seen some scattered info on the web that deducting taxes from owner-occupied rentals is a bit different (square footage versus # bedrooms rented out versus pro-rata, etc).

For example, here's one I actually put some money into:https://www.realtyshares.com/investments/courtship-village"Distributable cash flow from operations and proceeds from a capital event is to be distributed in order as follows: To all investors pro-rata and pari-passu until investors have earned a 9.0% annualized preferred return;Proceeds above a 9% annualized internal rate of return to deal-level investors are to be split 80% to deal-level investors and 20% to the Sponsor, until such investors have earned a 16% annual internal rate of return;Proceeds above a 16% annualized internal rate of return to deal-level investors are to be split 70% to deal-level investors and 30% to the Sponsor, until such investors have earned a 24% annual internal rate of return;Proceeds above a 24% annualized internal rate of return to deal-level investors are to be split 50% to deal-level investors and 50% to the Sponsor, until such investors have earned a 24% annual internal rate of return"So yes, as an LP I get cash distributions on a quarterly basis, and then also upon an exit event. 

The investors will be pro-rata in either an open or closed structure.

Over that threshold, do the non deductible and then convert to a Roth the following year.Also one thing to keep in mind - if you already have an in a traditional IRA, if you do the backdoor Roth, it isn't deemed that it is your most recent non deductible contribution is converted to a Roth, it is a pro rata application to your ratio of non deductible traditional IRA contributions to deductible IRA contributions.