General partner is the ones who source the deal, underwrite the deal, do due intelligence, manage the asset.

Human nature is the killerHuman nature can be greedy, impatient, egotistical and fearfulIf I called somebody `averagely intelligent`, for example, it would be considered an insultIt is normal to think you are smarter than others, and can time markets, and can use `research` to beat the market even though it is all publicly available information4.

When you deliberately lower your deductions to artificially inflate your income - and then use that tax return to qualify for a mortgage, you have committed mortgage fraud.What you can do is make certain elections.For example, some repairs you can elect to depreciate. 

@Jason Ellingham To best reply I am going to make some assumptions that a) you are financially intelligent and not asking from a position of having weeks worth of living expenses in savings but many months if not years, and b) you're operating from entering REI at an organizational/ professional level. 

Failure Is Only the Opportunity More Intelligently To Begin Again. - Henry Ford  https://news.bloomberglaw.com/bankruptcy-law/commercial-chapter-11-filings-zoom-26-in-first-half-amid-virus

Due to the Federal Reserve's absurd US Treasury and Agency MBS bond buying programs (which they plan to continue indefinitely), treasury rates, agency spreads and ultimately - interest rates - will be artificially low just as demand begins to pick up again.

You get the current year expense and the extra gain from the artificially low basis doesn't matter because you're doing a 1031. 

While wealth does not necessarily equate to intelligence, there is still a logical explanation for why CA real estate prices are high - all these people cannot simply be gambling, right?  

Why is it some attorneys believe the law is SO complicated only they have the intelligence to understand it? 

I still feel the opportunity cost is too high spending 4 years in a classroom not getting useful enough real world experience when you could start at the lowest possible level in a brokerage or construction company and in less than 4 years be able to flip a house, or manage a rental or much, much more.I always prefer hands on, real world experience over the class room but that's because it fits my intelligence, and my learning style.Great question!