I used to post a lot on the Aussie version of BP its call the property investing Forum and the out of country part of the Forum back when the AUD was stronger than the dollar had many many folks participating now your lucky to find one post a week.. and US marketers together with promotors from OZ just hammered the OZ investor with BLUE sky and no real mention to the dangers of low end assets in the urban cores..

And the promotors say its about $25K in legal work to set it up.Even with this paperwork and legal filings, you're still limited to people you personally know and have an existing social relationship with.At the end of your entities fiscal year, it will file a tax return and distribute K-1's to all the investors.  

I have gotten this question from telemarketers offering me a "can't miss" stock market investment strategy, a short sale promotor, and a foreclosure investment promotor.

That's subject to long term capital gains.Now, if you're listing to the promotors of such deals, they told you the depreciation would allow you to offset ordinary income with your passive loss.

Tax on unrecaptured depreciation is one of the area where I think promotors of rentals really fall down.

Generally speaking, each of the topics you are asking about benefit the promotor/developer and the very wealthy investor.

INVESTOR LOANS FROZE you could not get one to save your life for about 2 to 3 years.. 08 to 2011.. so TK and other promotors turned to cash only or really started to market to IRA transactions this spawned a bunch of new IRA set up folks to help them with real estate purchases. 

Additionally, our moderators spend a large amount of time looking for and flagging self promotors that could be spent making sure there's no trolling, that posts are in the correct forum, etc. 

You should have a private placement memorandum and an operating agreement from the promotor of the syndication. 

The paperwork presented to me has the following fee structure for the promotors.