I did not raise the rent the last two years which was probably my mistake.Thanks for the responses- appreciate it  

There are millions at stake here over their portfolio.Not sure how they are going to mend the non-fiduciary responsibilities by the KP's.

Thanks for the response.

It depends on the syndicate and your personal preference.You don't need an LLC to write-off legit business-related real estate expenses.Based on what you said, I'm going to assume that you aren't the person responsible for coordinating and filing the taxes for the syndicate.

Rates/pricing has to play a part of course, BUT knowledge and responsiveness is actually more important. and to answer your second question, well, look at my last sentence for the answer. 

The IRS typically requires the same entity that performed the 1031 exchange to continue owning the property to maintain tax deferral.To avoid any unintended tax consequences, it’s crucial to consult with a 1031 exchange expert or tax advisor before dissolving the LLC or making any distributions.

Just because you don't make any money on them, doesn't mean you aren't responsible, along with the source of the actual plans, for any mistakes in the plans, or even any mistakes in construction from lack of info, misunderstanding, or just plain stupidity of the builder/user of the plans.

A couple of points:1) Do not listen to a commission based RE agent or mortgage broker who recommends that you spend more of your income on housing compared to what is financially responsible for you to do.

In a healthy Association, they've taken into account that this will need to be replaced, and have planned for it, essentially charging everyone who has lived there over the last 20 years a nominal amount to be put toward the new roof when it's needed.With an unhealthy Association, they try to keep HOA dues artificially low, and when a repair is needed, they levy a Special Assessment, which puts the financial responsibility on those who live there currently. 

You should have a separate partnership agreement to outline rights and responsibilities.