I would recommend you start your search on the NARPM website.

@Bret Hudson: I've been a heavy user of both websites you mention and I find your comment interesting.

This initial negative equity position consumes the initial cash flow.  2) the addition of the adu makes the property multi family and likely makes rent control apply.  

K-1s for AHP Fund 2015A+ (old, 12% preferred fund) are now on their (old) website.  

I'm impressed by your website by the way.

We pride ourselves in keeping the forums positive, helpful, and focused on real estate (please, no politics, religion, etc.).

The work around is part of the application process is to tour the property, but still, why put yourself in that position?

If it's net positive, then make sure to do it up to code, etc so the finished square space can count.

Multiple professional references, when addressing this issue, carefully state: "the IRS position is..." - which to me indicates the same doubts that I have about the legality of the IRS position.Until the IRS is challenged in court over this position and loses, I choose to comply with their position.

If you're already in a secure financial position, leveraging your equity could be a smart strategy.