What was the outcome?

If you stop growing it wide early (more real estate) and you start growing it deep instead (more equity) you are limited in your final outcome.

A lot of these properties are still trading at low caps, and they have a lot of deferred maintenance.You're seeing a lot of these older properties being traded now.Gino

So if at death it is worth $5m, and of that $5m based on the waterfall agreement you and your sister would get a combined $800k - that $800k does not get stepped up, just the $4.2m that belongs to your father does.If your father is subject to estate taxes, and there are substantial discounts taken on the valuation of partnership interests in his estate - that cuts back on the step up, but it saves steeper estate tax, so it is a worthy trade most of the time.

Fully converting an unused office building into a Hotel What was the outcome?

It hasn’t traded since 2008. 

Income from a trade or business where a taxpayer doesn’t materially participate.2.

What was the outcome?

My brother remodeled the kitchen What was the outcome?

I made a few small improvements to the landscaping, I bought a few new appliances, updated a few fixtures, added blinds to the windows, minor drywall repair/paint, and marketed the property as a 4th bedroom that would make great home office/den instead of a 3 bedroom plus office/den.What was the outcome?