In my free time, you’ll usually find me working out at the Y or hiking with my dog, on one of Nashville’s many trails and greenways.As a CPA with over a decade of experience in corporate finance in the insurance industry, I understand the financial side of real estate inside and out.

You're reading a 10 chapter book and tryin to skip the first 4. 

A couple questions first:1)  How many STRs are you involved with?

As an agent I often times refer to emotional appeal as a large factor on what drives purchase price. 

My worry is that since he has built a 16 year track record of always paying his pref and returning capital on time, that he is now overleveraging.Does anyone share this concern?

Here we go:“To summarize our conversation I would like to see 10% of cost into the first deal or two.

The first half of the year will be slow going.

Any time you sell a share of the REIT you will be paying tax on all deferred gain and the depreciation. 

The benefit to the seller is that they don't receive all of their capital gains in the first year, but they will pay as they receive their money. 

No one accountant is an expert in all areas in the tax code, so best to figure out what you want first in the world of real estate and then dive deeper there.