@Jim DahleGeneral partner's/managing members and the accountants who prepare the fund make the determination of how income is categorized and then passed on to it's partners/members.These partnership vehicles want to correctly classify the income.Failure to do so can result in interest, penalties from the IRS/State's.The partner's will look down on the partnership if such issues arises.If you are an LP in a fund, you simple get a K-1 and have to deal with what is provided to you on your K-1.

If you are a Canadian, living in the US as a resident, you may have to pay penalties for failing to disclose the TFSA account, which is termed as a foreign bank account.Again, there are additional concerns regarding whether or not the TFSA will be considered as a foreign trust under the US tax law.

No early payoff penalties with my current lender. 

You generally have no recourse to force them out, before they have actually done anything wrong. in the future, you can have a provision in the lease which states that there is a large penalty for holding over after lease expiration (maybe 5x daily rent fee depending on state laws).

Use a high leverage (85%-90% LTC) purchase and rehab hard money loan without a prepayment penalty and then refinance into a DSCR loan as early as 90 days of ownership once leased where you can use up to 75% of the new appraised value for cash out into a 30 year fixed term. 

There could be civil and criminal penalties if you professionally manage property without a license.  

Setting up a single-member LLC to purchase the property and having your parents make the loan to the LLC can be a good way to protect your personal assets in case of any legal issues related to the rental property.In terms of setting the terms of the loan, it's important to discuss and agree on the interest rate, payment schedule, and any potential penalties for late payments or early repayment.

If you do make contact with them (and you can make a deal) these back taxes would have to be paid to SPS, in addition to all past due payments, penalties and interest.

So we work with our tenants and try to help them out to avoid the harsher penalties the lease calls for.  

Hard money loan is typically 20%+ down payment with high interest rates and interest only periods, they aren't meant to be held for long, but can be paid off without prepay penalties typically when you get to the refinance.A bridge loan is a product some lenders offer that is basically a hard money loan with a specific plan to refinance with them when the rehab is done.Just keep in mind the new rule coming out for seasoning periods (going from 6 months to 12 months) so in many cases you will be forced to hold the original loan for a full year, makes BRRRR'ing much tougher.