Your kid might have to file a return if he is not right now 2) Your rental loss might be lost as your son will have no basis or at risk amount in the partnership to deduct the rental loss.

I'm local here in STL and would like to get into a bigger deal like this sometime soon. 

This is why I always laugh when I see guys with fifteen posts here on Bigger Pockets confidently tell the community that they KNOW that a particular property is undervalued, usually by a huge amount.

For example the 1% rule becomes to 1+HOA% rule.Vacancy is a bigger deal because you're paying HOA fees.

The currently scheduled lease rates for these unit averages $814/month.Comparing existing leases rates to our “Base Case Scenario” you can see how much the new lease rates are exceeding our baseline projections AND the average currently scheduled rents: 2/1 New Lease +$78/month                Our Base Case is +$53/month2/2.5 New Lease +111/month             Our Base Case is +$71/monthI don't want to post the actual rent roll on here, but I can tell you that just from the wide spread in lease rates among unit of the same type that this property is carrying a big loss-to-lease.So what do you think? 

When interest rates came down, and the spread was no longer attractive, I had heard the lender was having some loss issues.

What does the bigger pockets community think? 

But guess what’s else is bigger.

Hi Bigger Pocket-ers!

If the market starts to turn, you could still be months away from a completed product and have little recourse but to stop progress and take a loss.