This case is concerned with equipment leases, personal property not real property under Uniform Lawhttp://www.irs.gov/irb/2014-8_IRB/ar04.html Covers partnership liability with respect to disguised sales, you can also see the interpretation and reasoning as applicable to any buyer/entity. http://www.ccim.com/cire-magazine/articles/lease-o...Brian, IMO, 1 & 2 above are not applicable, this is a Master Lease of an apartment complex, there is no fair market rent that a Realtor (generally) can identify, there is no "market". #3.

@Matthew Kreitzer Logan A.My understanding is that in the area of taxation, CPAs are allowed to interpret federal, state, and local tax laws for clients, as long as the legal principles being interpreted do not extend beyond tax law and it will not be considered UPL. 

Please don't interpret this as the offers will be ridiculous in nature.2 - Will they make offers before I inspect the property? 

Investors here like to argue from a micro interpretation of hey, I leased the place, nothing wrong with that.

Need to ensure that when we talk about funding that it can't be interpreted as soliciting the public.

@Kyle Bigger I'm glad I made that mistake here--where there are others to speak up and say there is more than one interpretation of the facts--and not in real life.Sorry @Nick Stango I didn't realize you knew these guys.A friend of mine was recently caught up by a real estate related scam and I have that a little too fresh in my mind...

If you don't already have one, develop a relationship with a good broker and get real comps and CMA's and learn how to interpret them.

Jay, I say this with a desire to educate, so please interpret it with that in mind...

My interpretation, as of now, is that it is a "pump up" book - helps get you in the right frame of mind and stay motivated to keep at it!

The inspection passed, but it was interesting - in conversation, the inspector mentioned that the RRIO standards are vague, open for interpretation, and keep updating as they discover some standards are more stringent than the code requirements would have been for some properties, depending on property age.