If a Cost Segregation Study had not been performed on this $883,000 apartment complex located in Vista, California purchased in 2021, it would have had first year depreciation of approximately $32,700.

Ask what the reference's name is, how the reference knows them, and then ask open-ended questions to verify application details (how much is rent, how many people are living there, how much do they earn, what are their smoking habits, address, work performance, etc.).

Have them perform specific tasks and issue invoices that the LLC would pay.

If annual cost for Florida is $2343 more than Nevada but appreciation out perform Nevada then it's a different perspective. 

Did you ever put in writing anything about their performance?

3) You should have started eviction process immediately, to keep the upper hand and PRESSURE on them to perform.

payment based on performance?

Now if you can find a deal for another GP or help them raise their capital or perform any of the other tasks noted above you can market yourself as a CO-GP and put the property on your website and represent yourself as the GP in your marketing materials to bolster your credibility and raise capital for your own deals.

Thx to his teachings, I sold my non-performing trophy multifamily and am in the process of 1031 exchanging it for money-making rentals.

Despite initial maintenance challenges, the property is performing with a bright future.