Don’t over complicate.

I find this unnecessary.

The appraisal adjustments are to complicated to try and figure out, plus 3 different appraisers will have 3 different values. 

Then 2 coats of drywall primer - don't try to just use regular paint, the mud is going to suck that paint up - and top coat.It sounds kind of complicated reading it but it's not really hard.

Nope, more complicated than it needs to be.

@Sean Tift I would start working with a CPA because determining in service date, cost basis, depreciation, deductions and splitting expenses can get complicated. 

I would definitely recommend getting some assistance since Real estate can get very complicated very quickly.

My favorite line from Geoff was "What is the ONE thing I can do such that by doing it everything else will be easier or unnecessary." 

This is a noble idea, but the difficulties usually happen when life events (the "dreadful Ds" = disease, disability, death, divorce, disagreements) complicate things.

You may find yourself looking at some larger deals through the accredited only syndicators and most likely with more complicated waterfalls and debt structure, but I wouldn’t think it makes the deal any different better or worse.