I have a lot of these people that we're working in a totally different field prior to getting into selling courses touting how easy it is.

Did you do a pro forma prior to purchase?  

Jim,Take the 5/6 ARM its fixed for 5 years and rates will drop prior to the 5 years allowing you to refinance and lock into a 20 or 30 year fixed rate. 

But at least this way, I know the work was done how I want it done versus how the seller wanted it done.The structural engineer part, since this is an inspection prior to closing, I would want seller to pay the engineer of my choosing.  

How can we move over the prior depreciation from personal return to the partnership?

Their tax advisor proceeds to let them know all the problems, and amendments need to be addressed by 3/15 of that year to be respected for the prior year :)For the sophisticated investors...the CPAs are (almost) always a part of the conversation with the attorneys when there are LPs involved. 

Also remember that prior to Covid, Appreciation of our RE here was not great.We were a cash flow market NOT an appreciation market.

From my recollection, the examples were mostly good wage earners that saved a high percentage (frugality stressed) of their pay and slowly and steadily invested in equities over the course of their lives, maintaining the same standard of living over the course of their lives.I enjoyed the book and learned a lot about how the wealthy plan their estates and allocate their wealth, but it was not a good "how to" book for financial independence prior to 65.  

An owner will sell off market for convenience some times, but it is mostly because there is a problem that needs to be solved prior to it being market ready that they cannot afford to or do not know how to solve. 

In that sense, when an investor buyer is competing with other investor buyers for an off-market property, you are not typically given the opportunity to perform a full third-party inspection prior to putting in your highest and fastest cash offer.I'm not a pro by any means with off-market properties.