In that case, the GP, who was a cheating SOB, issued a K-1 allocating cap gains [§1231 gains] to my Client, who was a minority LP.  

If you lived there 3 of last 5 years consider the value of exemption on capital gains tax.

I think you will gain a lot there. 

Hey Gene,Thanks for the valuable insight.

You have to pay depreciation recapture and gains on the pro-rated time it was a rental.

Their cost structures are significantly different from what new investors face today.Maybe I haven't yet reached the section that addresses different market conditions and interest rate environments, but I’d love to hear insights from those with more experience.

You have the ability to sell while limiting your capital gains tax because you lived in 2 of the last 5 years. 

Connecting with investors is a great move too; it’s one of the best ways to gain real-world knowledge and build a strong foundation for your journey.What kind of investing are you most interested in? 

Then, if you can trend over time you'll want to see where the "path of progress" is going/moving and attempt to buy in that path of progress to gain some appreciation in the future.

Let’s share insights.