Shouldn't be any extra taxes involved.

Thanks for mentioning the KIND of job that someone like me wanting to be more involved in real estate could look for.

There is less risk involved in the cheaper properties .

My advice to you is that syndications involve more layers of what I would call "Middle Management" - which takes money (profits you might call them) to fund.  

For fast burning, you need to find an investment with 30-50% cash on cash returns - that is where I am skeptical - I have already invested in many of the vehicles they suggest and have not seen that kind of return (or it involves more risk).

We're in a small town so we ask our bank loan officer who is involved in the community for a CPA reference.

The title attorney involved had open communication with all parties on this and an addendum was added to the contract stating this.   

Every municipality has different zoning variance procedures.

I'm in Milwaukee and I have heard of a lot of bad stories involving this type of scenario...mostly involving out of state investors. 

This site makes me believe that we should use a 1065 however since I am involved in the partnership.