@Josh Oaten I personally do not see a place for a bird dog in the world of large apartment complexes.

Depreciation is typically allocated according to the ownership percentages outlined in the partnership or syndication agreement, which are set in advance and follow certain rules under the tax code.However, some syndication structures can be designed with different classes of partners or special allocations, but these arrangements are subject to complex tax rules, such as the "substantial economic effect" rule under Section 704(b) of the Internal Revenue Code.

Purchase price: $15,400,000 Cash invested: $125,000 128 unit apartment complex located in Dallas, TX.

My wife is also part ofa LP/GP (where she is the asset manager) that acquired a value-addapartment complex in Houston, where the renovations are now complete, and theGP is in preparations for the refinance.We are currently working on further expanding ourlocal portfolio and are planning out our next larger acquisitions.

Purchase price: $39,050,000 Cash invested: $150,000 328 unit apartment complex in Dallas, TX.

Purchase price: $17,100,000 Cash invested: $100,000 190 unit apartment complex in Mesquite, TX

Purchase price: $4,630,000 Cash invested: $125,000 56 unit apartment complex located next to Baylor University in Waco, TX.

Purchase price: $12,300,000 Cash invested: $30,000 168 unit apartment complex in Greenville, NC.

I'm currently navigating the complex process of finding a reputable asset protection attorney with expertise in real estate.

Here is what one of my 4 AIs say:The commission structure detailed in the image for a real estate transaction involving a property valued between $30M and $40M is as follows:Under $34,000,000: 1% (0.50% per side)$34,000,000 - $34,999,999: $400,000 ($200,000 per side)$35,000,000 and above: $500,000 ($250,000 per side)To evaluate whether these commissions are fair for a 112-unit apartment complex valued between $30M and $40M, let's compare them to typical real estate commission rates for large commercial properties:Typical Commission Rates:For commercial real estate transactions, commissions generally range from 1% to 3% for properties valued above $10M.