Additionally, they may include a carried interest or promote structure on the back end, which serves as an incentive or commission if they exceed performance expectations.Limited partners (LPs), on the other hand, simply invest capital and remain on the sidelines.

If this is the case Step 1 is to determine a fix and the associated cost.

I spent every waking hour of about 2 months reading every article under the Learning section and was simply amazed at what I didn't know. 

Our hope is to simply be able to collect the rents as income, which is approximately 5% of the overall value of her investments.  

How does one determine the class? 

First you have to determine if you want to go Lead Free or Lead Safe.

We will simply look these folks up by name on the PVA.

The easiest way that I have found over the years is to simply ask other investors, specifically in your local market.

I understand that the IRS requires the properties be for investment, but since they were gifted, I'm not sure what they would look at to determine.   

I will pay a Buyers commission.Looked at similar pricing with my broker in the area and determined their $900,000 was a fair price, but not a "duress" price.