What happens if you lose on it, you now have an additional liability, not just a loss of money.Are you planning on keeping the current property or exchanging it (1031) into something else?

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

I'm not satisfied with not filing the rental in an LLC simply because it's more simple and might cost me an additional filing fee .

In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes. 

.## Additional Resources- Check out the BiggerPockets podcasts and webinars for more insights on these strategies.- Read books like "What Every Real Estate Investor Needs to Know About Cash Flow" by Frank Gallinelli to deepen your understanding of real estate investing.- Use local real estate agents who are familiar with investment properties to help you find the right deals.You're taking the right steps by seeking knowledge and networking.

These are professionals with additional training and a stricter code of ethics.

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

After a few additional email interactions that same day, your DoC stated "I do not have an answer for you.

Additionally in terms of a GP/ LP relationship, would preference of LPs create the same dynamic in choosing one GP/Sponsor investment over another, if all technicals and numbers are the similar between two investment?

Not sure the cost of this for you but I feel with hot tub and fireplace you already have a lot of warming options and not get much additional revenue.