It is this exact incentive structure (losses are passed on but gains are shared) that has greatly contributed to the finalization and subsequent near destruction of the U.S. economy.  

Seller subsequently agrees to sell a partial Second.

Even if one were diligent in ensuring that no PT occurred as a result of the initial investment, rule violations could occur with subsequent exchanges related to the asset.

Setting up the CC&R and improving the common areas and units is not a cheap enterprise.  

He & his wonderful wife were gracious enough to hard money several of my early investments that subsequently paid huge dividends.

Subsequent construction draws are funded based on evidence of progress. 

If you spend a little getting professional photos taken, you'll have them for subsequent listings, which may be better than paying a month rent up front to have a realtor rent it for you once.  

. §§ 250.101 – 250.602 – Landlord and Tenant Act of 1951 (pdf)Act of Jul. 5, 2012, P.L. 1091, No. 129 – Amendment to Landlord and Tenant Act of 1951Title 68 – Real and Personal PropertyTenant’s Rights – University of PittsburghSecurity Deposit:Security Deposit Maximum: 2 month’s rent during the first year of renting, 1 month’s rent during any subsequent years. (68 P.S. §§ 250.511a)Deadline for Returning Security Deposit: 30 days of termination of a lease or upon surrender and acceptance of the premises, whichever first occurs. (68 P.S. §§ 250.512)Security Deposit Interest: The tenant is entitled to interest after the second anniversary of giving a deposit.

Raising private capital from investors is a regulated enterprise, and not following the rules and laws that govern the activity can get you into serious legal trouble.

That was one I didn't have enough money for and I gave the tip to a friend, who subsequently was hit by a car and killed.