@David Krulac   David that is correct if you live in CA and derive income from other areas you pay CA tax's just like me in Oregon .

That said, the renewal is not evenly distributed.

I'm not a fan of 401K's (go to 401kaos.com, download/read the free book, and you'll understand why), but I generally recommend people invest whatever is necessary to get the full match - it's an instant 50-100% risk-free return.My wife and I are going to start 72t distributions on our trad.

You should check with your current employer plan administrator to see if they allow in-service distribution. 

When it is time to distribute money from the excess cash flow, it works like this:$400 to distribute$200 goes to your partner$200 is allocated as having gone to you (for tax purposes) but the check is actually written to your partner. 

derived from their data mining.

NOI is derived from reducing ALL operating expenses from the gross income.

Most value is created in the first 2-3 year on deals so it doesn't take too long for early investors to start seeing solid returns thru distributions and cash out refinances.  

And if you are self employed or derive your income from investments, that brings in a whole new set of fun variables.

A lot depends on what developer fee you want to take upfront and how much of the ongoing cash flow you need.For me and development deals I need less of ongoing cash flow and would take more of the equity upside to myself.What I like about equity and debt funds is you can do deal after deal and you do not have to worry about crowdfunding, distribution K-1's to investors, and doing a syndicate deal by deal where you have to keep getting new investors etc.Instead you can focus on development deal after development deal.