If I utilize qualified funds would this investment be subject to UBIT re UDFI?

Building something unique is a great idea, but it can get expensive, especially with limited funds for a future construction loan.

I am a minority partner in 19 doors and an extreme minority investor in a fund of 54 doors. 

Nonetheless, the State Bond Commission approved the funding extension.

I’m looking to scale my business and trying to figure out the best way to do this.Both condos were purchased in the last couple years and I’m considering cash out refi to fund my next purchase.

This is exactly what's going on.Ask them to send proof of funds or pre-approval letter first.

Yep, raise some money for them, find them a deal, lend them money to fund a deposit or conduct their diligence…you contributed to the deal and in return they will give you a CO-GP title. 

We would buy the land outright and then through our local bank connection that we've done deals with in the past have them help fund the build out with interest only until with hit a certain lease up %.

That's a tradeoff I'm happy to make right now.So far we have enough saved for a down payment (possibly 2), we've chosen a turnkey provider and market, and we've lined up funding for the first deal.

Will monthly rent cover all expenses and provide additional funds to set aside for reserves?