I read everything I could on BiggerPockets on syndications (including such articles as "The Compelling Tax Benefits of Real Estate Syndication") and searched on the wide web and nothing even hints at how a cash distribution (what I often hear referred to as a "dividend") is anything but taxable income like you'd get on a 1099-INT or 1099-DIV.So what is a distribution if it's so independent of the taxable income? 

One on a property in Colorado, another on a property in Washington.Colorado: 130M balance, 3.375%, LTV ~51%Washington: 262M balance, 3.875%, LTV ~60%Maximum Loan Limits in Snohomish & King Counties: $667MMy idea to leverage myself into a new primary residence is in 3 parts.Refinance the WA property to conventional financing to free up VA eligibility and back it up with a 95% equity line of credit from SDFCU.Draw a NOO equity line on the CO propertyUse both equity lines for a downpayment on a new primary residence financed with VA fundingMy question is, does it make sense to refinance the WA property for the benefit of VA eligibility on the new purchase? 

@Bruce Lynn Yes none of them are move in ready but the city also provides a "scope of work" analysis with each property which give a pretty comprehensive list of repairs and code violations that would needed to be fixed before living in the property.

I can't see the reason to go else where to make 1% or 2% greater return.. you would eat that up in travel costs alone.But anyway.. in my mind we are getting to a balance market.. and your correct rents are not keeping up with costs.. so will be interesting to see how it all shakes out in the years to come.I remember when I started in the business if you put 20% down or 25% down and the tenant just paid off your house  forget about cash flow that was a huge win..and why not.. its a forced savings safe investment tax benefits.. etc.. then it became you have to make money on your down payment this is what created that run..Maybe we will step back in time and break even will be great..

Looking for a realtor/property manager with handyman skills (contractor would be ideal) in Detroit who is familiar with property located in the area code 48228.

I am not well versed with this section of the tax code, but advise caution and due diligence if you decide to proceed with your strategy.The BRRR strategy is designed for rental properties.   

You can search events by zip code herehttps://www.biggerpockets.com/forums/521-events-an...

I think multifamily is one of the best vehicles for passive income, tax benefits and growing wealth, but my why was to create a lifestyle that supported my business.A strong why will counteract any bumps in the road, in my case, some pretty big pot holes.  

Beyond financing this deal, better credit will save you on insurance costs among other benefits. 

Listening to the Podcast episode 269 ("How the New Tax Code Affects Your Real Estate Investments") and I think I blew it here.Bought a duplex for owner occupy, moved in and did some renovation work to the unit that will be the rental.