With the numerous investors on this forum they have done this to, it is probably just the tip of the iceberg. 

Any lessons learned or tips you can share?

Are you saying that the IRS-1065 Is going to be pulled into an audit, or will just the disgruntled partners IRS-1040 be pulled in for the audit?

Also, if anyone has any experience in land purchasing I would appreciate any tips or websites on how to find the best deal or agent for the same.

Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area.

I knew going in, it was going to be the CODB.

(that means I work for Airbnb as an independent contractor, a paid, by Airbnb, consultant to new Hosts).Here is my "tip" that I send to new Hosts:"Pricing is key and worth doing some homework.

Alec,The free services go a long way to giving you a pretty good idea for what a property’s demand will be.

Quote from @Matt Schreiber: @John Underwood Thanks for your input, I assume a beachfront house is going over 1 million in that area right? 

I share tons of free tips on my instagram @ericaoohdesigns and you can also check out my Bigger Pockets podcast episode (933: https://www.biggerpockets.com/blog/real-estate-933) where I share my exact "Designing for Dollars" formula.