If you are an equity partner in a syndication you get depreciation write-offs and often times they are substantial because these assets are expensive enough to justify doing a cost-segregation analysis which allows accelerated depreciation write off in earlier years...cost-segs are expensive so they are not always worth it on smaller multifamily properties, but when you are talking about properties that are worth millions it makes sense.

But this creates a fairly substantial level of ongoing work for the syndicator to accommodate, hence the high minimums.

I am 21 years old and essentially have no debt to my name other than the $60 I keep on my credit card balance for my credit score to grow, which looks good because I don't have a substantially large annual income. 

In some cases you may need to file a 3115 and other cases, it may result in amended returns.179D ENERGY TAX DEDUCTIONPrior to the CARES Act: $1.80 per square foot for all residential properties with 4 stories or more, commercial buildings and both new construction and improvements of HVAC, new lighting, windows, and roof.After the CARES Act: The same as prior plus a new 5 year carryback option.Comments/Strategies: Review all 179D opportunities to generate possible retroactive refunds and immediate tax savings.45L ENERGY TAX CREDITSPrior to the CARES Act: $2,000 tax credit per unit for multifamily, residential and new construction/substantial improvements retroactive 2016-2020.After the CARES Act: The same as prior plus a new 5 year carryback option.Comments/Strategies: Review all 45L opportunities to generate possible retroactive refunds and immediate tax savings as tax credits generally can be carried back one year and forward 20 years.

Figure out what your mortgage is going to be, your taxes, your insurance, how much you going to escrow for repairs and maintenance, calculate in a legitimate vacancy rate, property Management if you need that, and any other expenses.you should at least be getting a 10% return after every single thing I mentioned above is paid.I would think the only justification for purchasing a property for that much that brings in substantially less than 1% would be if the property were expected to appreciate in the 30 to 50% range to be honest.

His tax burden was substantial in France.

IMO you don't need an LLC unless you have a substantial amount of equity in the property.

If the electric heat pump is affordable and cheaper for him (substantially), maybe make a deal with him for him to pay 100.00 more per month for rent, and you get the electric heat pump, which will save him substantially more than the 100.00/mo.Not sure of his income - maybe he can get some help with his heating bill.That's all I've got.

The value has gone up substantially and so that means the taxes will do the same.

Do keep in mind that you will have to do more than a gentle rehab for it to qualify - you have to put at least as much into the property (over a contig 31 month period, IIRC) as the purchase price of the property (excluding land) to count as 'substantially improved'.