If syndicator is building reserves for the first year of ownership, for instance, and not paying distributions, AND recognizes rental profit, you will have a larger tax bill that year, since you "made money" in the IRS's eyes, even though you did not receive any cashflow from your syndicator.On a more general note, a preferred return does not mean you will get that amount of cash flow each year.  

My suggestion is to build a spreadsheet and include the net cash flow to you for every month of the deal, then use the IRR function to figure out your return. 

Pick up the book Building Wealth One House at a Time by John Schaub.

Launching an Airbnb in 2021 and now earning your broker license are both huge accomplishments—it sounds like you’re building serious momentum in your real estate journey.It’s great to hear how much this community has helped you, and it’s exciting that you’re now giving back by helping others achieve their goals.

Investing is not just about increasing numbers; it's about strategically building a future that aligns with your financial goals and lifestyle.How many properties are you closing in your portfolio this year?

Historically it was used as an office for the previous building owner. 

I'm curious to know how often property managers actively suggest value-add activities for properties (ie, building an ADU, remodeling, buy-fix-hold opportunities etc etc). 

Husband is also a licensed building contractor and wife is a realtor (if it matters).We are trying to determine if it makes the most sense to put our first property that we are purchasing together into an LLC or not?

Since you are an investor, it is important to build relationships with lenders who know what they're doing. 

The "slow flip" I am referring to was purchase the property in the traditional financing way and then live there while rehabbing and improving (adding bedrooms, getting the yards back in shape, updating finishes, building or adding shop space, etc.).