That box usually has a different meaning as you suspect.I'd call the city and get a Permit History...see what was done during the remodel.

Peter,That does not sound accurate based on having a Schedule E and being able to take those deductions as well as other standards.As an investor it’s not a bad thing to show more gross income which usually allows you to buy more properties with more income and a lower DTI.

I've calculated the mortgage payment to be around $5500/month with a 6.6% interest rate and 20% down so that means the property will be in a negative $1600 without even counting capEx, vacancies and other fees. 

You could put it down on a 4 million dollar property and make 120,000 or zero or negative.

We help our clients with these strategies on a daily basis and they usually wipe out significant w2 tax liability. 

Check with them if they're using operating partner and/or integrated partner, sometimes stupid issue like property manager can destroy potential investment as well.If you can read company balance sheet or 10K/10Q report, then you may dig dive easily into reading T12.Every Joe during good year can deliver 12% IRR ; but I told you, if you buy duplex on the same year with them, due to long term financing and hgher appreciation of residential asset, you could make 20% IRR above.If you really want syndication, find syndication in industrial space with good sponsor, the volatility in this space is much lower than MF and usually the sponsor is very experienced as well. you can start educating yourself from Aleksey LP education that I shared before, there're few sections there that maybe coming from my idea as well.

Condo fees are substantial and are usually 1-3% asset value which hugely hurts your money picture. 

I usually allocated $300+ per month for Cap Ex and I used it all.  

Quote from @Anupam Banerji: Quote from @Sam Ojo: I was accepted into the program a couple days ago and have found mixed reviews but nothing clear for those who have gone through it besides the negatives.

I go to the volusia CFRI  its usually pretty good sometimes you have a complete waste of time presenter but not too often.