Syndication Reporting IssuesMissing Form 8918 for reportable transactionsInconsistent investor disclosuresRequired registrations skippedWhat Doesn't Actually Matter:(Despite What Your Uncle's CPA Says)Special AllocationsNormal promote structuresStandard waterfall provisionsTypical developer promotesReality: Unless extremely aggressive, IRS rarely caresTechnical DocumentationMinor §704(b) gapsCapital account glitchesTechnical allocation languageTruth: Unless hiding something biggerProperty Value AllocationsNormal basis step-upsTypical appreciation splitsStandard promote calculationsReal World Example:🏢 100-unit apartment complex4 partners, $5M dealDeveloper promote structure= Zero IRS interestSame Deal With Red Flags:🏢 100-unit apartment complexHidden partner arrangementsArtificial loss allocationsUnreported debt shifts= IRS AttentionPractical Protection Steps:Basic Documentation✅ Clean operating agreement✅ Economic substance✅ Partner contributions tracked(Don't need War & Peace complexity)Economic Reality✅ Allocations match economics✅ Real money movement✅ Actual partner participationClean Reporting✅ Consistent K-1s✅ Required forms filed✅ Clear communicationThe "Sleep Well" Test:Can you explain your structure to an IRS agent without sweating?

As far as educational material, there are some good courses on underwriting in Udemy.

I'm talking about 25% - 40% over.It's so crazy because somehow they have 5 stars everywhere, with 0 negative reviews, and are constantly being promoted on Bigger Pockets 

When reaching out, it helps to offer value in return—think about tasks like checking on properties when they can't, delivering materials, finding reliable contractors, or even handling basic project management tasks.Building genuine relationships and showing you're willing to contribute will go a long way in earning their trust and gaining hands-on experience.

Opex issue in FL is as material as cap rate for commercial MFs in a national scale.

Quote from @Mike Levene: contractors should give exact quotes, come in give you a full detailed list of how much it will be to cost for labor and materials broken down.

Many investors are adjusting by using more cash or creative financing strategies to maintain profitability.Renovation Costs: While labor and material costs have somewhat stabilized, smart budgeting and working with reliable contractors are still crucial for keeping timelines and profits in check.How has your strategy changed for those currently flipping in Phoenix?

You have material information that effects the desirability and value of the property.

I am wanting to shed some of my material items to go chase some experience.

Not my point tho, I say that to say when you've got a CEO like that who's dialed in about what's being said about his company, or what's being promoted about his company that means he's locked in 24/7.