I like that, unlike with say trading for a hedge fund, I can create opportunities for others rather than solely line the pockets of someone richer (that being said I still intend to make money).

After reading Brandon and Brian's book, The Multifamily Millionaire, Volume II: Create Generational Wealth by Investing in Large Multifamily Real Estate, I'm a bit puzzled as to if the GP's must have real estate experience, or if someone can connect enough professionals/companies on their team to execute successful investments.

What I said in an earlier comment about "section 179 can't be used to create a business loss", that wasn't entirely accurate/complete. 

Consider structuring your investment through an LLC for liability protection and tax flexibility.This post does not create a CPA-Client relationship.

The internet as wonderful as it is has also created a 'wild west' effect that is often unbridled.  

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

You may need to leave about $20,000 into the property after refinancing and you may only cash flow about $150 a month, however you can create $40,000 to $50,000 of equity right up front. 

A Roth IRA Conversion lets you convert funds, pay taxes upfront, and withdraw contributions tax- and penalty-free after 5 years, offering a longer-term solution.This post does not create a CPA-Client relationship.

@Anthony Sigala that "Rule" was created for mostly Class B properties BEFORE the Great RE Crash of 2008-2010.Values after the Crash dropped so much, that it could also be used for Class A rentals.Values are now more than their pre-crash highs, so the rule now only applies to Class B & C rentals.How are you identifying Class B & C submarkets in your area, so you can properly apply the rule to the right rentals?

Now my investor network as expanded and the best split I have experienced was 65/35 in my favor but I invested 40% of the cash and created over a million in imputed equity before any investor dollar was raised allowing me to originate a bank loan at 87% LTC.