@Chris SeveneyRegarding the accounting/taxation of the fund - you want to make sure the accounting firm has the knowledge and capacity to take on the work.Does the accounting firm know answers the to the following questions.Do they specialize in partnership taxation -Do they know how a partnership return is impacted if there are foreign investors, tax exempt investors, individuals as investors, entities, etc.Do they know how to deal with the taxation of the operations - If this is a real estate fund - do they know the in and outs of 1031 exchanges, how different items are depreciated, 1250 property, 1245 property, bonus depreciation, section 179 expense, etcDoes the fund operate in multiple states - are they familiar with the various state tax laws.Will the fund allow composite return to be filed in behalf of its investors - does the firm know which states offer composite returns and in behalf of which entity types they can be offered for.etc etc etc

It has no impact on the allowed or allowable.

Ask about the population trends in the neighborhood and impact on housing going forward.

It becomes even more important when you are investing with a partner since it can impact both of your lives.When you create a LLC within a partnership it provides a few different benefits.

There are many factors that impact the yield and a big part of that is OPEX.

However, I don't chose to, because the impact of UBIT and UDFI is a bit complicated enough I'd rather stay out of that.  

Going to request an underground water and soil environmental report from local county water quality control board for sure.

With that said, I personally have not seen dramatic or drastic effects of it impacting our RE market. 

@Brandon Hobbs, I agree with your assessment that urban areas will be impacted more than suburban and rural areas which is good for me as I operate primarily in secondary and, more accurately, tertiary markets:) I also tend to think that this niche will have a far greater effect on the moving industry than the self storage industry. 

I think what helped me was meeting other investors and getting the inside scoop on what they were doing and how it was positively impacting their lives.