If the partners agree to specially allocate one item (for example, capital gains) 80/20 for economic purposes per SEE safe harbor, the corresponding tax amounts must also be allocated 80/20.However, IRS has a framework that can reallocate the partnership items based on the “ partner's interest in the partnership” if IRS determines the method of sharing the partnership items lacks the “Substantial Economic effect” (SEE) To meet the SEE, there are strict rules to maintain meaningful capital accounts including Deficit Makeup Requirement for those accounts.With the requirement, the partner must at some point contribute sufficient capital to eliminate the deficit, and the partner has the burden of the loss that partnership has and the allocation of the partnership will be respected by the IRS.This is a very high-level summary of the rules and is not comprehensive. there are many exceptions as well.Since the substantial economic effect, safe harbor allocation rules are complex and requires considerable additional recordkeeping, it's easier to follow PIP standard. 

Get on the forums and contribute in your areas of expertise.

If you want to stay in REI, I would recommend biting the bullet and getting a PM - its going to make your life so much easier.Now, a more complicated option (but one with some great long-term benefits) would be to consider a Charitable Remainder Trust.

He is equally responsible as his PM and contributing to giving our business a bad reputation.

I hope that I can contribute to your goals in real estate as well.  

I try to respond when ever I have something to contribute and I can say direct mail done for you by a third party Company that specialize. in it is the way to go.

It is a great site for learning and contributing all things REI and you are in a good area for investing.

Basically our land is going to be contributed towards the equity in the deal.

Which will in turn contribute a significant ROI.

If you start to make contributions along with receiving a company match - you will notice the amount adds up and a 401K loan can help you with your first rental purchase.and Welcome to Biggerpockets!