I had bigger dreams than this and it was a reality check: ‘you’ll never become wealthy working at this company.’

Looks like you have 10 props, so reality is you will have 2 evictions. 

Syndication Reporting IssuesMissing Form 8918 for reportable transactionsInconsistent investor disclosuresRequired registrations skippedWhat Doesn't Actually Matter:(Despite What Your Uncle's CPA Says)Special AllocationsNormal promote structuresStandard waterfall provisionsTypical developer promotesReality: Unless extremely aggressive, IRS rarely caresTechnical DocumentationMinor §704(b) gapsCapital account glitchesTechnical allocation languageTruth: Unless hiding something biggerProperty Value AllocationsNormal basis step-upsTypical appreciation splitsStandard promote calculationsReal World Example:🏢 100-unit apartment complex4 partners, $5M dealDeveloper promote structure= Zero IRS interestSame Deal With Red Flags:🏢 100-unit apartment complexHidden partner arrangementsArtificial loss allocationsUnreported debt shifts= IRS AttentionPractical Protection Steps:Basic Documentation✅ Clean operating agreement✅ Economic substance✅ Partner contributions tracked(Don't need War & Peace complexity)Economic Reality✅ Allocations match economics✅ Real money movement✅ Actual partner participationClean Reporting✅ Consistent K-1s✅ Required forms filed✅ Clear communicationThe "Sleep Well" Test:Can you explain your structure to an IRS agent without sweating?

It should go without saying, but I do understand when you're new to real estate expectations can be out of line with reality --- if you finance 100% of a deal you will not see any money out of the deal for many years and will be putting money in for many years.

Reality is the seller is likely okay with breaking even, but I don't even offer that. 

thats far more than you will make starting out as an agent.. but once you get stateside and if you are successful at Commerical RE  takes 5 to 10 years to build your book.. then big income is a reality..  

In reality, the insurance payout reduces the adjusted basis.

But the perception of difficulty is greater than the reality usually.

But you can get value out of all of them if you work them right.The reality is, for profit or non-profit, all REIAs have costs to cover just to operate.

I see a ton of sellers and listing agents overpricing homes and end up with big "price drops" back to reality.