I know for a fact that elaborate structures exist for syndicates where the LPs are not signers on a recourse note and thus are not liable for their pro rata share of the UDFI despite the obvious advantages of leveraging their investment dollars.

Will you call for investments on a pro rata basis fund structure or on a project by project basis?

Your name would appear on the note and deed-of-trust or mortgage as the lender beside several others (ten max in CA), along with your pro-rata ownership.  

Your name would appear on the note and deed-of-trust or mortgage as the lender beside several others (ten max in CA), along with your pro-rata ownership.

From what I have gathered on several financial advice websites, in order to calculate depreciation for an owner occupied rental/duplex you follow the below steps: Determine the house/building value separate from the land Divide this amount by 27.5 and claim the pro-rata(percentage of owner occupied vs rental occupied) amount as the depreciation expense for the year. 

Net income is distributed pro rata, and I have the option to buy additional shares in the property at an ascending cost of 5% per annum at a maximum rate of 10% of property per year (so in theory you own for eight years).

It could be a pro rata share of income and expenses based on percentage of funds provided by you and them.

In theory, if you establish a reserve account, and deposit to that account the difference between actual expenses (including the pro-rata portion of known periodic expenses such as insurance) and 50% of gross income, you should have adequate funding when it IS time to replace the furnace, or the roof, or other major expenditures.

But I think: heck, if I could spend $200k on an $800k cabin with some acreage, or by a lake, or whatever, and use a Google calendar or something to pick who gets which days -- amounting to a pro rata share for each owner -- and we each pay $7.5k a year for cleaning and insurance and property tax and such, that would be awesome.

The investor has to assume their pro rata share.