To answer your question, I would think that Yes, the PM can distribute the SD as they see appropriate.

From what I have read the excise and franchise tax are only on entities (LLC, S-corp, etc), and if it's a LLC that's family owned (95%) and "derives substantially all of its income from passive investments" (66.7%+) then you can apply for a waiver of the franchise and excise tax.  

Not sure if it was effective... lolAs you explained, when calculating a price the cap rate is derived from the market (i.e. brokers, other investors, lenders, information sources, etc.) and NOT from some formula by rearranging variables internal to the property. 

Going the SDIRA route means that you cannot take any distributions from the SDIRA without incurring penalties (unless your age is 59 and 1/2), and you fall under the contribution limits ($6,000 for 2021 unless you're over 50 which becomes $7,000).

You would use a title company for funds distributions and gov compliance.

Similarly aluminum wiring is commonly used for your utility distribution and transmission lines in large part because it is much lighter which makes the long runs between poles easier.

However, as is probably clear by now, there are countless ways to slice the data to derive all manner of different rankings.

I thought the NOI is supposed to be distributed to the investor by their percent of units owned.

Here is a description of the types of insurance producers in California from the department of insurance website.The following are descriptions of the four basic distribution methods: Captive AgentA broker-agent acting as a captive agent represents a single insurer, or single fleet of insurers, and is obligated to submit business only to that company or, at the very minimum, give that company first refusal rights on a sale.Insurance BrokerA broker-agent acting in the capacity of an insurance broker is an independent insurance sales person who searches the marketplace in the interests of clients, not insurance companies, and may place coverage with any admitted insurance company.

@Alex Scotte,Yes, premature distributions of earnings from Roth IRA is subject to taxes and penalties.