Talk to a CPA, not a bunch of "experts" like myself on the interwebs.

ASK A CPA BEFORE YOU DO ANYTHING. 

@Edwin RajkumarThere are many attorneys and CPA’s that provide these services.  

The goal is to have one K-1 tax form, which I plan to find a CPA at that point that will grow with our portfolio.

A CPA or Attorney goes to school and takes test to be licensed.  

@Shera Gregory  Please consult with your CPA on a matter of this nature to ensure you get things right for your specific case.  

For example, Wyoming is a domicile LLC that is manager ran with anonymity, and other legal entities are member ran that all fall under the domicile LLC.The goal is to have one K-1 tax form, which I plan to find a CPA at that point that will grow with our portfolio.

Recently received my first K-1 from an SD-IRA syndication investment where I am considered a Limited Partner in a multifamily property in NC.It shows a negative amount per the depreciation taken against a relatively small amount of distributions, given at 6%.My CPA has said that the 990-T is not required at this juncture since there is no tax due.My other recent research has shown that a 990T should be filed every year as to accrue any losses to offset future gains.Have to assume this is a common scenario. 

Also, super important to get your CPA approval on what your planning.

Best part, is they do the searching and investigating for you -free of charge- helping you avoid all those annoying sleazy sales calls from different loan offers blowing smoke up your butt and avoiding costly mistake for using wrong lender for your specific circumstance.If it cost you less to use a CPA than TurboTax, would you still use TurboTax?