I guess my main question is is there any minor profit in being part time if the work is put in.

We all don't care how much Apple profits on our iPhone... what really matters is the product or value we get or in this terms the ROI on our principal.The fees can be broken down in the three main fees (so you might have to combine some of the above fees under one of the categories below):Acquisition fee (paid % of the asset price) - normally 1-3%Asset management (paid % of the income the asset produces) - normally 1-3%Distribution or exit fee (paid % of the sold asset price) - normally 1-3%Development fees (this is present in development deals) - exampleNOTE: Just because these fees are high or the split structure has too much going to the GP does not disqualify it.

The longer you hold the property for investment the easier it is to demonstrate that you did in fact intend to hold the property for rental or investment purposes. 

I joined for 2 main reasons: 1.

I believe it to be a little Southern California hidden treasure for cashflow, mainly class C but if you know what you are doing its a really good option to invest locally in CA with decent returns.

Confused how this works for tax purposes.

@Dave Chengoue there are a lot of opportunities in the area, the main thing is to create your team to help you execute.You also have to evaluate your strategy.

I wrote the above for informational purposes.

The process seems daunting and overwhelming, and I am not confident I will put the time in to talk to sources, analyze, and find properties for investing purposes. 

I Julia, I work the south side mainly.