Probably too small of a sample set here on BP, ask your lawyer or CPA to review

Should I get a lawyer???

I fear the lawyers will become wealthy over this litigation...Overall, it's an interesting "solution" to the problem of foreign investment in real estate and the lack of adequate housing for the population. 

I have invested $0 dollars into real estate investments but am on the cusp of investing $50k into my first multifamily syndicate (we're closing within a couple of weeks).I'm looking for a CPA to answer a few of my questions and a lawyer to look over the documents I need to sign for the deal.One of my main questions is, I've been told I'll receive a K1 statement and that my monthly returns will be tax free. 1) Is it true they will be tax free? 

Some rental-property owners who never needed an attorney may soon have a landlord lawyer on speed-dial.

"I am no lawyer, but terms of service are occasionally challenged & found insufficient.  

.: In my (non lawyer) experience John is correct here.

🏡 MASSIVE transformation coming near downtown…🏙️With one of the last areas to develop near downtown, the neighborhood just south of Empower Field will get a massive upgrade 🏟️The stadium district master plan is only 10% done, but will include a mixture of housing options, jobs, game day/special event experiences, and more.When this 58 acre space is developed, it will re-shape the landscape of downtown once again…

I have meetings with my lawyer to discuss partnership contract and acct for the financial piece.Since this is extremely new, I am building a team of a contractor, broker, loan officer, accountant, Lawyer and investors. 

Check on ownership status before you get into escrow.Get multiple inspections to be able to really determine the extent of repairs.Try to align yourself with the best contractors, had good referrals, but somehow nobody stood behind their warranties.Have a good lawyer and local accounting firm.Talk to locals to see how things are done and what's happening around you.Have patience!