I agree that the best way to make money is self manage your short term rental (not AirBNB, that is a platform).

They have a $5mil builder loan for a 20 unit townhome community they are looking to refinance.

My out-of-state clients in Ohio use a mobile notary for anything less than 4 units.

We've thought about trying to sell off each unit.

For example, should we focus on acquiring one high-quality property in a strong market, or would it make more sense to spread the investment across multiple lower-cost units in emerging areas?

A water heater replacement is $1500, AC Unit $8,00011.

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?

Also deleting duplicate posts, not sure how you could make it so duplicates self delete or don't post for those of us with tech challenges....

For example here in Chicago we have many of these type of neighborhoods that cashflow with solid tenants if buy a 3/4 unit.

Seriously though, if you haven't already get your self a solid real estate-focused tax professional in your corner.