Either: (1) withdraw the excess contribution along with allocable earnings; get hit with taxation and a 10% early withdraw penalty on the earnings (most likely), (2) re-characterize the contribution to a non-deductible Traditional IRA, file Form 8606 with your return, maybe do a back-door Roth soon after if you won't get dinged by the pro-rata rule...or...just leave it as is and track the basis you now have in your traditional IRA, not as big a deal as people make it out to be... (3) pay the excise tax and hope the over-contribution can be remedied over time through the absorption method. 

I won't know how much a bill will be but will contact the utility companies in my area to get an average.Questions for BP:Should I require tenant to put utilities under their name and I pay them for my pro-rata share?

This can be returned pro rata back to the LP/GP or sequential (LP's first, then GPs).3) Once capital is returned to all invested parties, then the promote kicks in. 

However when it came to depreciation and common area expenses you'll need to do a pro rata split.

Then we just add each pro-rata share to our Tenants' next month's bills as Added-Rent due.

I did offer the leaving tenant about 1.5X the daily pro-rata rate for the last couple days of the month to give some motivation, but it looks like it will be tight..

When I form an LLC for a client, I will include the price of the state filing fee in my fee, and during the signing ceremony each member writes a check to my trust account for their pro-rata share.

My agent basically asked him to replace a few cover plates and remove a dead rat as well as a few wrapping blankets that were laying down the floor.

The is that okay that the new capital is not mine but I now am 300k out of 1.5mm using your example and your percentages would carry forward pro rata ?

For a smaller project with fewer members, pro rata distribution may make more sense.