The value of the property and how it’s distributed relative to ownership stakes will determine whether it counts as a taxable event, I believe(I’m not a CPA or attorney). 

It is nicer to use than a regular chlorine hot tub especially on your skin but I don't know if the maintenance is any better or worse, personally.

Did you have taxable income that could’ve been reduced utilizing tax strategies?

Just curious, is there any tax benefit to filing as a regular partnership and issuing k-1s to ourselves that show a loss?

Do you have a 501c3 that you operate under (and rent the house from yourself), or do you purchase homes with an LLC or personal name, and run as a regular business? 

Most of the buyers are just regular folks looking for a home, so they are not at all thinking about cap rates. 

They are very likely to respond, but keep in mind you can't get dollars from a turnip.My experience is wear and damage are higher with some S8 tenants and not at all with others, just like regular tenants.

This would allow you to access some cash for other purposes ( Tax Free) because a refinance is not a taxable event.

I will do my regular due diligence when dealing with a new partnership and any deals they find. 

If you are close to retirement and are accredited, it's safe to assume that you'll likely have some decent, taxable income rolling in during retirement.