Lessons Learned: I should have transitioned to larger commercial deals sooner.

Nobody watches your money like you do, you'll learn how to manage, so you can manage a manager later and you'll save precious early-years cash flow, which allows you to scale faster, especially in the first 5 years.

I'm a rookie investor motivated to learn more about the industry.

.$275000 with 25% down, taxes $4080, insurance is 3000 yr and rents is $3800 month, Water $400 mth. 

Fail to produce K-1s in time for LP tax returns to completed on time, refuse to communicate with LPs, when LPs start to express frustration.Cheryl Cheryl, I'm sorry to hear this.Many investors learn expensive lessons with their early investments.Knowing nothing about this deal (because I didn't invest) I can already tell you the 24% projected return was a major red flag (in my opinion).

Thanks for readingDavid $250,000 tax-free?

What's even more frustrating than asking the IRS help desk, is asking a Turbo Tax "Tax Specialist".

@Marcus Everett,Welcome to REI and you have found the best place to learn in the BP community.  

I previously owned a long-term rental that I bought from a parent and rented to family for over three years (lesson learned!).

So the question becomes based on their individual and personal tax situation what is the estimated tax burden they'd save?