https://www.biggerpockets.com/forums/51-tax-legal-issues-con...

I just got off the phone with a law firm doing the foreclosure legal work for a bank.

Quote from @Anthony Britto: Quote from @Jonathan Greene: You will need egress windows to legally have a bedroom down there.

Looks like previous registrations were entered incorrectly and preferential rents were listed as legal rents.

Finally, your hunch is correct: when the syndication cycle closes, your past "free lunches" will have to be paid for, aka recapture.Here're some relevant posts from your favorite site:https://www.biggerpockets.com/forums/51/topics/839015-are-sy...https://www.biggerpockets.com/forums/51-tax-legal-issues-con...https://www.biggerpockets.com/blog/real-estate-professional-...  

ParcelNbr=2767600595 In the end I am going to find and work with legal counsel on this.

I think you're not adding in closing costs to the PP, due diligence/reports/legal?

If you need to modify the agreement, you need to keep track of the notices/addendums and then over time interpreting the lease becomes messy because the agreement is actually the sum total of ALL of those documents over time.

What about legality and insurance. if using a single family home wont the town shut you down (especially if neighbors complain) also will i need a commercial insurance policy?

And to any wondering, no, I don't loose a wink of sleep over using legal tax strategies. yes, I think those who can utilize it have earned it and don't owe a thing to anyone else.