He is the foremost authority on Private money marketing.

.: I always play it by ear.

@Eric E.UBIT only comes into play in an IRA on leveraged real estate and running an active business.

You should never let someone into a unit without written evidence that you have authorization to do so from the lessee. 

This is a very different space than most folks here on BP play in from what I have seen.

Retirement accounts are designed to be invested passively so when the IRS sees you running an active business in it, to level the playing field between retirement accounts and other business the retirement account incurs UBIT. 

Talk to a CPA to see how each scenario plays out.A 401K continues to grow in value, but what do you live on? 

Maybe look for a different type of tenant that doesn't leave every year or sell the place if it isn't meeting your other investment objectives.2) As PM's we always seek prior authorization for expensive turns or capital projects, even though the estimates given to our owner-clients are often ball-park numbers.

So seems like a decent play for cash flow but not much for appreciation.

Or did the buyers authorize Escrow to pre release to the builder ????