Hey @Denise Evans and everyone diving into the BRRRR world, you’re raising a crucial point about making sure every single penny is acounted for before signing on that dotted line.

Quote from @Denise Evans: Are the new builds for owner/occupants or build to rent? 

@Tracy Ross is right - you can do a partial exchange. 

Quote from @Denise Evans: Hi Arif, I can't help you, because Alabama law very different from Pennsylvania.

She specifically does a lot of STRs, so I believe she's the go-to in the area.As for Fredericksburg itself, I agree with @Evan Tuuk.

Quote from @Evan Polaski: @Rud Sev, I would ask the syndicators you are considering if they have any sample K-1s they have issued in the past to try to get a general idea of how they treat their common taxable items.There are a few things that are likely needed to be outlined:Your capital account balance for the investment, i.e. how much money the syndicator is saying you have outstanding at any time and used to calculate preferred returns, can vary from your taxable capital balance shown on K-1.  

Quote from @Evan Polaski: Interesting seeing this post and Justin's recent appearance on the Jonathan Greene podcast/YouTube video from a day ago."

Quote from @Chris Seveney: Quote from @Jay Hinrichs: Quote from @Evan Polaski: @Hyun Supul, without diving too far into this, and the devil is always in the details, when I see this, I can't help but assume this whole offering is a way to for them to raise pref equity for their own deals, but wait, that won't look too good, so let's layer in some private credit, too.It says it will lend money AND invest pref equity into MF deals owned by Disrupt and Open Door Capital.Questions to ask: what allocation is going to loans versus pref equity in their own deals?  

Quote from @Ross Williams: Great info.  

@Rob Ross Generally speaking there are plenty of opportunities in the 8% range, and a few that go higher.