I've had some not happy when I have asked them to split it out.I've tried asking questions to the IRS customer service reps, and didn't have the best luck.While I cannot cite a specific official guidance on this issue, I consider debit cards exempt.

I just learned that builders risk and liability insurance coverage can cease once a CO is issued for a new build.

And will you have ongoing maintenance issues beyond your CapEx based on the building's age.I personally would be suspect of this deal.

Newbies create a lot of different issues, however.You are probably not going to be able to use Fannie Mae as a contingency.

Its been a wild ride though doing all this through massive inflation and supply chain issue and Covid..  

But in my opinion, the biggest issue I see with folks jumping into their first "big" multifamily deal is the quality of the pro forma. 

In that case, the GP, who was a cheating SOB, issued a K-1 allocating cap gains [§1231 gains] to my Client, who was a minority LP.  

And always have reserves to handle any unexpected issues.

Luckily I did have a clause where the sober living company is paying all repairs and maintenance unless it is structural issues.

I can only think of 2 times inn the last decade my client has had to go though an eviction and both times it started cause the owner and tenant had personal issues.