So, the basis would still be your adjusted basis, no step up to FMV.In general, the IRS doesn't respect "self-dealing", which is selling assets to yourself, a family member, or a company you control.These issues get complicated, which I love because I get to charge my time helping clients through these issues!  

@Kim Tucker Everyone is entitled to their opinion and I respect yours.

Have a wonderful weekend and let me know when a good time to speak is on Tuesday (I am good tomorrow BTW, but I wanted to be respectful to your's and other's Labor Day holiday).Alex

Many people here have advised against leveraging your equity, and I respectfully disagree.

@Kevin, While i value your opinion, i respectively disagree.

Did you enforce whatever consequences there may be when the first tenant was late, the first time.My best advice is you have to enforce the lease and make sure your manager is enforcing the lease too.It's your business, your investment, you need to respect it so other respect it too.

I say this with the upmost respect with your interest in mind.

. , @William Collins and @Austin Fruechting did in 5, 2.5 years and 7 years, respectively, buy using the BRRRR method on acquiring rental properties?

Working with property managers, you can have access to a lot more than just 1 unit; however, they have their own system in place and as a tenant you ultimately need to respect their system.For example, you can't just throw in your own smart locks, hire a vendor to clean the carpet, or your own enhancements, etc.

We would be happy to help you and your friends, answer any questions and try to alleviate any fears with respect to forming a syndication.