I mostly agree with Huong, but in specific cases, a small negative cash flow is not the end of the world.

This can range from local real estate clubs all the way up to multifamily specific events such as the National Multi Housing Council’s annual meeting.

I know the IRS asks about entity vs personal members and if they're foreign or not specifically on the 1065 and other tax forms. 

My partner and I would still do it when the seller was made abundantly aware of the situation and it was the right solution for everyone involved.

I mean in general what sort of expert should I try finding first, but if someone has specific people in mind who deal with the UP that works for me too.

It's... not an ideal situation and we're kind of working our way through the grieving process.

Are there specific advantages or potential pitfalls I should consider when structuring these activities through my LLC?

These are not specifically real estate related.

If I uncomplicated the situation a little, do you have any advice on how we could make something like that work?

While I haven’t invested in NYC specifically, I can share a bit of perspective: For a 3-year timeline, buying can make sense if you’re confident in the market’s appreciation and can find a condo with flexibility for renting it out later.