If you are getting 5% cap rate in NYC, that is a great deal.I've been working for Property Management and other firms for the past 15 years and I always see cap rates in about 2-5%.Yes, it is true that you can make better ROI if you invest in Stocks or other types of similar investment, but what you need to take account of is the appreciation level in NYC.

In commercial real estate, you typically hire a leasing broker/agent who may or may not work at the same firm as the property manager.

They are a bigger firm (which I generally don’t prefer). 

I work at a RE firm/settlement co in the Tysons area and have been closing deals as a licensed settlement agent for 3+ years now.

The attorney she used she says has since passed away and she cant recollect the firm.

Get a firm number on repairs and add 15% on to it.

Most good QI firms are made up of attorneys and accountants. 

IMO, you shouldn't worry about this.Either way it sounds like the losses would have been suspended and carried forward.At most, your CPA charged you for a partnership return that was not required.If you are worried about it, reach out to other tax firms in May for a second opinion.

That could be linked to a potential recession, for example a large Fortune 500 tech firm building a new office in your area so you bought a lot of high end rentals.

@Sarita Scherpereel and her team are excellent at sourcing the right investment properties, and then you'll want to have a firm understanding of the numbers, your ability, and what makes most sense from a dollar/cents standpoint.