Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.

There are two requirements to claim REP status1) 750 Hours2) You spend more time on real estate than other activities such as your W-2 Job or BusinessYou want to work with a tax professional who will be able to advise you on what hours count and what hours do not count.Furthermore, the CPA may have a nice worksheet that you can use to help you document your hours.Best of luck!

Through my experience, I’ve cultivated a conservative approach that balances opportunity with risk management that I apply to every deal that crosses my desk.

Sellers are notorious for not communicating any changes in their unit counts to avoid paying taxes.  

Obviously the answer is yes when it comes down to the cash flow, but I am particularly wondering if HCOL/high property tax areas are places you would cross off the list entirely.

Based on how I am reading your summary it sounds like there is solid equity in the 2-family in order for a bank to cross-collaterize assets. 

Of course we are the largest brokerage by agent count also. 

In my experience many unlicensed wholesalers operate in a grey area and often cross over into what is obviously brokering real estate without a license. 

Specifically, I am interested in learning more about syndications, working with lenders, lawyers, CPAs, and other professionals involved in cross-border real estate deals.

They can help you cross-check your estimates.It’s always better to overestimate expenses than to underestimate and face a shortfall later.