You may be adding additional payroll tax to yourself (for the salary amount) by transferring income to the property management company.

When you have enough saved that losing $25K will not be catastrophic and you have enough knowledge to evaluate the risks associated with a syndications, join a syndication that you have establish a relationship (so accredited investor or sophisticated investor is not required).  

I see a lot of local inflation-indexed payrolls (government) (going up), and no FED pivot (yet) (going down).

Yes, the flow through is reduced by $100k but it will be reflected in the employee's W2.Therefore, the W2 wages is included in the employees wages, hence paying income taxes and the Company paying the 15.3% payroll taxes.

I look for sophisticated value adds.  

It’s a sophisticated way of controlling the density of voucher holders.

Many sophisticated investors will only invest in deals that are in compliance with SEC Reg D, which will cost the sponsor $10,000 +, and in deals where sponsors have a significant amount of their own capital invested.  

This type of real estate is sophisticated (regardless of neighborhood class), high returns, and high risk.

If the amendment doesn't define a more sophisticated method in finding non-permitted houses, this will have little affect on the STR market in Austin. 

One thing I like is it gives me some exposure to syndicators I had not met before, some that are a little bigger and more sophisticated and been in business a lot longer than the ones I've met organically.