Your basis in the entire property will be divided into each of the 6 units. 

I work with agents who know my buying criteria, and they bring deals to me before they hit the public market.

Now, if you want me to show you and teach you, ask the right questions and I will happily do so here in public for free so everyone can learn from this.Lastly, 1) I am not selling SEO services in the free forums.

We simply charged 1% service fee.. so if the coupon ( in those days was 15%) We dragged 1% and divided up 14% to our fractional owners..

You said public water was available...would the lots require a septic system to be installed or is public sewer available? 

Here's a link https://www.oregon.gov/ODA/shared/Documents/Publications/FoodSafety/ServiceAnimalsposter.pdf You're mixing things up and only looking on a local level.

The owner was motivated due to personal circumstances and wanted to avoid the hassle of listing the property publicly.

We had to read some IRS publications when we were uncertain about a few things.

No tax so far I think.2) If I convert that partnership interest into shares in a PUBLICLY traded UPREIT I trigger tax on the deemed sale/exchange of the partnership interest into stock of the REIT?

or just explain as in a demand.it this 40k gross or Net.average rentals these days produce either negative cash flow or 100 to 200 to 500 a month positive depends on how much you put down. if you pay cash much higher.but lets do average 200 month positive and lets say you meant to ask NET cash flow to live on. then you need to take 40k divide by 200.00 and there you go you need 200 doors .