Hey Zehua, The loan you're considering appears to meet IRA requirements as it's structured as non-recourse to both the LLC borrower and yourself as guarantor, except for carve-outs like criminal activities on the property, unpaid property taxes, and lack of insurance. 

When you exit a deal, what normally ends up happening (like Tom Brady keep winning more Super Bowls) is that you go into two more deals (with now double the amount of capital) and you will likely find that with those new K1s you could result in you having way more passive losses you began with If you can see where this is going... yes, experienced investors with a lot of capital deployed might have 500k-1M+ suspended passive losses and have not paid taxes in years and do not appear to pay taxes for years!

Wagner Nolasco does not appear to be professional. 

.- According to Built in Austin, defense technology appears to be the leading area of interest for venture capital investors on the Austin tech scene.

Contrary to your line of thinking here, instead of having the restaurant buy your steak for you or taking steak to the restaurant to have it cooked (for a markup), some might think its better if you bought and cooked your own steak.It does seem in some of the states, you can act as your contractor on a single build or your primary residence; so it would appear if someone can handle the travel between 50+ cities, may not necessarily need a markup GC.

Also better yet, and what gives me some hope is that most people appear to be decent.

That does not appear to be the case here.

You'll have to find an answer based on zoning, demand, and your ability to control the appearance of the additional improvements - you don't want to create a junk yard behind your triplex!

@John Balzowski what no ones mentioning is an investor should understand Property Classes.The numbers you've done in TX, appear to be for Class B properties.

This happened over a year ago and appears to be happening again.