You would be sharing profits but your portion would still see the same % return as it would be if you invested the entire amount. 15% of $200,000 or $50,000 is still a 15% return.Built in the 80s means everything is at the end of it's life...or has already been replaced.

But it sure does exclude a huge portion of potential renters.

The compliance portion of our DD includes everything related to city, county, and state compliance to continue to run the property as a park.

I don't want to spoil it, but there is a good portion of the episode that is about the main character trying to get into a nicer apartment complex but needs to raise her social score first.

Because they do most of the work the snydicator gets and outsized portion of the profits. 

@Nav Madhwan I'm not a CPA, but I do know of several people who traded up their smaller properties for a portion of a larger MF deal and, in turn, got the same effect of a 1031 because of Cost seg, bonus depreciation, and accelerated depreciation.

The portion used for personal expenses will not be deductible.

And you can't 1031 into a primary residence.You can purchase a multifamily with your 1031 and live in one unit as long as the investment portion is at least as much as your sale.

Are they billing their tenants back a portion of the water bill?

I would then let them know that they could be a private money lender on the property and fund a portion of the rehab and I would walk them through all of the steps of the process so that they could have that learning experience.