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

Non-recourse has less personal exposure, but you need a very strong balance sheet to secure this without bringing in a KP.

Just be mindful that you can't 1031 a personal residence but it might be eligible for capital gain exclusion from section 121.

@Jason Weidmannit's only solid if:1) you pick a market that you can go to in person and build a team first, and 2) you recognize that RE is a long-term investment, and you may have to wait 5-10 years, or longer, before seeing ANY return. 

Your ability to connect with them on a personal level matters more than your offer.Think about it:  • The “Used Car Salesman” is only focused on closing the deal as fast as possible.

So the question becomes based on their individual and personal tax situation what is the estimated tax burden they'd save? 

Even when I did reach them the first time,  the other person on the other line sounds like a moron who doesn't know how to help. 

I tried to create rapport with the owner over the phone but waited to present my real agenda only in person.   

I’m not a former IRS person.

Personally, I would hang on to the cash.