A 72-T exemption known as a Substantially Equal Periodic Payment (SEPP) is a pretty rigid agreement.I don't think you will be able to accomplish the rents-only goal.  

Not sure why that person does not go direct but thats another story.Super high risk because if a deal goes bad they will get reported to FINRA for raising $ without a license and since its not a direct investment the sponsor exemption can come into question.

Alternatively, if you have self-employment income, consider sponsoring a Solo 401(k), as it exempts leveraged real estate from UBIT altogether.

The law exempt single family home, sold or rented by an owner of comply with FHA laws that's means that you CAN legally discriminate.

Rent paid for all of the expenses, so it cost me nothing and over the years (I kept it for ~20 years) price almost tripled by the time I sold it.Not sure what grad program is 3 years (I'm used to 2 for masters, 4 for PhD), but if you do need to sell one, I'd look at each property and see which one has the most equity, highest interest rates, lowest return, major expenses in the near future (eg new roof) and you mentioned you'd lived in two for 2 of the last 5 years, so have capital gains exemptions. 

If your losses come from something you "work" in, like your own construction business, they are nonpassive and exempt from PAL rules (although may still be limited by one of the other set of rules).Knowing how we love to call anything we do "business", the IRS clarifies what is considered passive and therefore restricted by PAL rules:1.

in particular make sure you know the value that will be added by the ADU and that in your case both units may be rent controlled (no 15 year exemption in some jurisdictions for a garage conversion were garage is over 15 years old.  

I have the full property tax exemption in Texas for my VA disability, but I'm trying to get clarity on the property tax exemption.

Your LP’s will need to be informed they are behind a hard money lender, what those terms are and the risk involved with being behind that hard money lenderDepending on the lender they could require you or one of the LP’s to also personally guarantee the loan.In most states if you have more than one LP then you would need to register the offering with the sec (most likely as an exemption) but docs and setup would probably be $10k.Can it be done yes, is it typically done for a deal under $1-$5M, typically no

I have the full property tax exemption in Texas for my VA disability, but I'm trying to get clarity on the property tax exemption.