Originally posted by @Joe Sera:@Christopher Smith when you 721 into the UPREIT you receive Operating Partnership Units (OP Units). 

There are some other operators in the metropolitan areas like LA and NY, such as Tripalink, Common, and Bungalow.

If they could deem his enterprise being active in Mail/Wire fraud, the Rico Act comes to mind

I operated in Baltimore city for less than a year.

But you can get value out of all of them if you work them right.The reality is, for profit or non-profit, all REIAs have costs to cover just to operate.

Melanie:You say I sound like an operator, but you may have missed that I'm talking about my PASSIVE investments.  

I think KCMO is considered a landlord-friendly location.A professional property manager can significantly improve an investor's life by streamlining operations, maximizing profitability, and reducing stress.

You operate in the Bronx, how it going?

where do you operate? 

You also have to build in holding costs, investor capital, operating costs etc.