@Sean PetersNot a lawyer or even pretending to be one:)  So please consult one. 

All I'm really saying is: don't pretend that the portion of ones 2-4plex property managing income comes under the category of "real estate professional" (afaik).

The best way to do any strategy what-so-ever, is to pretend you are a wholesaler.

What to do what to do...Just pretending I am a good guy and donate some cans.

Why do you keep showing up on the daily new member list and pretend to ask a question but give advice Instead of a straight sales pitch?   

Once you get there pretend you're moving there and want to rent a place.

And, in the end, all 3 partners will be affected and probably need to redo their personal returns.An alternative is to pretend that everything has been OK, trust the most recent K-1s and hope that the whole thing will go unnoticed, and the IRS will never ask you guys any questions, and neither will any of the partners.

Just beware it is not the get rich quick scheme that all the gurus pretend it to be.

I probably spend an hour or two a month on it, mostly bookkeeping or trying to pretend I’m needed. :-)

If you want to be a serious investor, and not just someone who pretends to be one, you need to invest serious time in studying markets and assets.