Maybe you implied the underlying conversion of 1245 recapture into 1250 recapture, but this was not articulated in your example and was not even your point, it seems.

Also, explore creative financing options that might balance your partner’s limited credit/cash flow without putting all the risk on you.If you're attorney can't clearly articulate this, maybe it's time to find a new one.

Sir you are spinning your wheels, this makes zero sense How would you pick 3- 5 properties, come on man, This is RE 101All the best  REI 101 yet you can't even articulate how you do it LOLThis entire thread is a waste of time. 

I read an article I thought articulated this very well, we are seeing the collapse of a very complex system and this the fruit.  

I will articulate better.

It can be hard to articulate the right question to ask.

I have referred a loan out of state based on NOI, cap rate at purchase, room for increase income and purchase price vs market value.Maybe I didn’t articulate the intent of the post as clearly as I hopedFor anyone who has bought multi family out of state, “what are gives you the warm and fuzzies about a deal”:Obviously not cap rate, but maybe vacancy rate,  Cash on Cash ,GRM, IRR, Unlevered free cash flow, Cities over 250k?

You definitely want to talk to a different investor friendly CPA that helps their clients with cost seg's, and can articulate exactly what you will need to do to meet the requirements. 

@Andrew Slezak I recommend you first articulate precisely the liability events or concern which are pushing you to transfer the property to an LLC.

JP Ruiz: Knows more about 401ks than anyone I’ve ever met…crazy smart, articulate, highly inappropriate sense of humor.