I'm going with 2 sentences...Tax benefits are secondary to the value of the investment...The large percentage of wealth held in retirement accounts is particularly notable given the tax advantages these vehicles offer.

Rise48 may offer Spark a 90/10 split (better than they offer direct investors) and Spark's carry may net you ahead of what the Rise48 direct investors get, but it is something to understand.The questions I would ask in this arrangement:-Who is the actual owner and operator of the deal?  

My personal rule of thumb for profile age is that if the profile was created before 2015-2016 (when the internet started to get a bit crazy with misinformation ahead of a certain presidential election), I'll generally proceed as long as they're interacting like a normal person (not a bot) and their profile looks otherwise legit.

Before submitting an offer, contact the Condo association to understand whether the property is non-warrantable (will require Non-QM financing) or warrantable (Approved by Fannie/Freddie) as that will impact the rates and terms you’ll qualify for  Lenders consider all costs when calculating your DSCR so get a head start by asking the association for HOA fees as this can really impact your ratio.

Share your success stories, the lessons learned along the way, and any questions you have for fellow investors who might be a few steps ahead in their house hacking journey.

If you know Gary then you are ahead of that game on a competitive advantage.

Quote from @Alex Longinidis: Well, you have seven posts so that puts you ahead of a lot of people!

Yes, you will only get about 50cents on the dollar, but you will be way ahead after your first deal.Run the numbers.

Make sure you discuss the logistics of taking draws with your lenders ahead of time so they give you the green light.This is in fact something that can be done and investors do.

So for all these reasons, I did not feel comfortable with moving ahead.