In a waterfall, the GP is incentivized to stay the course, gambling the LPs equity, because the GP only makes money above 7%. 

He felt spending more time disputing the rejection was not cost effective and i see his point but suspect airbnb recognizes this and uses it to their advantage.  

Your reporting on your federal return shows whatever recognized gain is recognized. 

However, It's important to note that the QJV election is available only to businesses that are not formed as LLCs in states that do not recognize community property laws.

I'm not saying you can't make a decent return on rentals - I and many others here have done great with it - but if you have a well-functioning, profitable business that you know, why would you gamble money into Memphis *******es, to put it bluntly? 

Fortunately, even though I'm a newbie still in setup mode (working through renovations on a value added property) I'm already starting to recognize the right answers before reading the responses, thanks in big part to many of you.

recognize this.  

Their online payment system doesn't recognize non traditional banks (credit unions) so your hit with $27 fee to pay with debit or have to take time out of your schedule and go to a Western Union for a $3.95 fee.

Which is a lesson learned for me because I need to plan things out and recognize issues faster.

A gamble on gambles of volatility moving certain ways in certain time windows.....