The aspects that would make me look very hard are: 1) how do I ever actually get my $$ back out of the UPREIT?

Throughout my back and forth with real estate, I've always come back to small multifamily properties.

Let me back up a bit.I had a Roth IRA that was going nowhere.

Then, after I had experience and several wins, people were willing to partner with me on deals, or lend to me in second position for a short period of time to help with the down payment and with repairs and then I would pay them back when I would refinance.

At that stage I may reach back out with some additional questions. 

I am grateful to you for sending me back to the white board. 

If the applicant comes from the pool of people that I or my tenants know, I use real estate as a way to give back as many of my tenants will not qualify credit wise or may even have a criminal background or would struggle for another reason if I were to just stick to the "background/credit check" criteria. 

I had a converstion with a mentor a while back, and He thought I should sell one of my rentals (I have two, both fully paid off) and then pursue passive investing.

@John Lasher What is holding you back?

Kyler, call your a couple of insurance companies and get a formal quote so you can take this back to the seller.