Typically the ideal situation for asset protection (observing corporate formalities and protecting the corporate veil) and tax advantages (using the right type of entity for the right tax advantages) is to hold rentals in the standard LLC while an S-elected LLC or S-Corp would be used to manage your properties.

Sorry I meant to post that . 650 per apartment both 2 bedrooms . $1300 total.

Is this what you meant?

Wayne Brooks maybe I didn't explain myself good but I meant to say.

You actually aren't entitled to know if your agent is getting 2%, 2.5%, or 3%, until closing, though a generous agent may elect to share that with you if they wish (often they will not be willing to share that information in writing).

I thought you meant a federal k1 for each project within the fund.  

Wasn't the $30k I was expecting to make, but that $3k inspired me and its value was more then any dollar amount could've meant to me at the time.

: The IRS Finally Figures Out The Real Estate Professional RulesSome important points made here that are relevant if you are a single property investor vs a multiple property investor and how you need to do "grouping elections".I'm taking note of the Real Estate Professional because it is a way to get around depreciation caps on personal earnings with passive income.  

I meant to say lucky instead of luck.

@Tyson Hosey - This is not meant to be a self advertisement in anyway; but I think I can help you with this deal.