I’d love to see their REIT financials to compare against the other public REITs that have a 721 program.

Given that the deal is off-market and there might be limited information on pricing, you should compare the property to recent comparable sales in the area (comps) to confirm that the price is fair.

Specifically, we'd like to understand:Liability Protection: How does each state's legal framework and case law compare in protecting our personal assets from liabilities related to the property?

Columbus could be another option with better metrics for long-term appreciation, but the cash flow will be tighter compared to Cleveland. 

Basically put together a list of comparable apartments that are currently available for rent.

Others 15 yrs, etc.So we depreciate a portion of the asset costs faster.We do the study and get dollar amounts assigned to different parts and different schedules to front-load depreciation.Now you can get 5 or 6% of the value as a deduction in the early years...But wait... there's more.Bonus depreciation allows you to deduct a certain percentage of cost in the first year an asset is put into service.Anything that is on a schedule of 15 years or less...So the doors, sidewalks, HVAC, walls, latches, curbs, security, gates, etcA % of this stuff goes in Yr 1.For years 2015 through 2017, first-year bonus depreciation for these items was set at 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019, 0% in 2020.But then the Tax Cuts and Jobs act moved this percentage to 100% from 2017 to 2022 and 80% in 2023 and 60% in 2024.Its not uncommon to allocate 30% of an asset cost to items that can be depreciated on a 15 year or faster time frame.So now 60% of that 30% of your asset's cost can be depreciated in the first year, excluding land.Pretty great.This is how real estate owners, investors, and operators make millions and pay very little in taxes compared to W2 employees.They pay even less and can offset other types of income if they are an RE Pro.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@Jesse LeBlancWere you the buyer and did the title company release the funds prior to closing?

Your point about Phoenix is also spot-on; it’s amazing how adjusting zoning laws can breathe new life into neighborhoods and support both housing and local business growth.I'd be interested in hearing more about your experience with multifamily projects and any insights you might have on Austin's market compared to Phoenix.

This allowed me to save over $1,200 per month on my payment and also increased my principal paydown by over $400 per payment compared to financing a new "high interest" loan!