It could be a misunderstanding

It's not a formal partnership and I usually just draw up a "memorandum of understanding" a one page document laying out the basic terms of the agreement so there is no misunderstanding. 

There are a few minor frustrations that I have had due to some misunderstand/miscommunications about how their system works.

I'm familiar with all of this having done several BRRRRs/yr.I don't think we're really disagreeing on anything, but I think you're misunderstanding what I wrote above.

Don’t misunderstand. 

That's the answer.Are they wrong/misunderstanding the issue?

Please do not misunderstand the point of me asking.

Make sure everything is in writing, so there are no misunderstandings later.This is probably going to be controversial, but I wouldn't bother asking for references.

Originally posted by @Dmitriy Fomichenko:In an IRA UBIT would also apply on income from leveraged property, but the 401k is exempt from this.Here is more on this subject from the IRS:https://www.irs.gov/charities-non-profits/unrelate...Dmitriy, it this last part of your answer, do you mean UDFI instead of UBIT, or am I misunderstanding?

Lots of people have hindsight bias exacerbated by a misunderstanding of the 2008 Financial Crisis that drive them to expect when RE prices get to high the bottom drops out everywhere. 2008 was a credit bubble that drove a Real Estate bubble.