Not an attorney or CPA, and I think you should consult one, but depending on what kind of upgrades were made, for you to get tax relief it would have to have  significantly increased the assessed value of the property.

Feel free to message both of them for a consultation and pick the one you feel most comfortable with.Since you are looking to start a business with a partner, you want to go with an accountant who is familiar with partnership taxation.

Feel free to message both of them for a consultation and pick the one you feel most comfortable with.Since you are looking to start a business with a partner, you want to go with an accountant who is familiar with partnership taxation.

But that isn't my area, so you should consult with an attorney that specializes in banking attorney. 

Not ideal....But, definitely consult a local independent insurance agent and let them walk you through...that knows the full situation. 

Without consent or even consulting all of the beneficiaries, they sold the first property for what many have agreed was way under market value and not enough time to reach a fair price.

This means that the institutional LP will have something to say about the size of the fee and they can force a haircut if you are charging more than they want to pay.As a sponsor, I see no reason to give up any promote split to the capital-raiser because there are tons of equity consultants out there that work off of a small percentage of capital raised (charged to the deal not to the sponsor) so giving up a slice of promote would be out-of-market.  

I’ve spent the past 7-8 years in politics - as a campaign manager, operative, and consultant.

I had already moved from Silicon Valley to Swiss Bank Corp's London office and then on to a consultancy before I volunteered to beta LinkedIn.

2) Will the entity hold capital assets that will appreciate in value3) Do you want to allocate income/loss in a fashion outside of the capital contribution percentages4) The amount of income generated by the business5) etcThis is something you want to consult with your accountant/adviser before proceeding.