It turned out to be very profitable but a real pain. 

Enjoy the process, the pain is short term.

.: @AnnMarie BacchusMy friends who actually own 1 or 2 rentals said their CPAs (one was with H&R Block) who charge reasonable rates weren't very good. 

My guy was within walking distance of the house he od'd in, 3 blocks. 

I understand your pain, and several years ago, I was in your shoes.

They have produced a "written opinion," we (group of investors) have requested and been sent the LLC's tax returns, we have been pains in the petunias, the syndicators CPAs held a Zoom call that would have been more hilarious than a Sat Nite Live skit, except they accidentally "lost" the recording.What I need to know is whether the IRS requires small (<$2.5M investor money) syndications that are generally straightforward (1 syndicator with sweat equity *ownership* shares and the remainder of investors with purchased shares) to calculate ownership via K-1 tax capital accounts, Line L, not Line J, when the OA is silent, but can be amended to say ownership is by contributed capital, the latter representing the substantial economic effect and true economic relationship among the partners. 

If you're the new kid on the block, you need to be competitive, and you need a hook (something you can offer that the other ones can't/won't.) 

It is a pain.  

Long story short, pain in the butt to set up.

What's up bigger pockets, I am new to real estate investing for the most part. looking to start investing in the next 1-3 months, fix and flips and Brrrrr interest me the most at the moment.