How do mobile home parks generate such large first-year deductions?
A $10M land-lease park can produce a $4M first-year deduction on $3M down — and a GP who signed the note can be allocated part of it with nothing invested.

A $10M land-lease park can produce a $4M first-year deduction on $3M down — and a GP who signed the note can be allocated part of it with nothing invested.

Fees are earned income. A promote is a reallocation of the fund's own income. Put them in the same entity and you lose capital gain treatment on the promote.

The regulation doesn't strictly require a daily log — but the Tax Court routinely rejects reconstructions. Here's what documentation actually survives an audit.

You can't 1031 into a fund — §1031 requires real property, and a fund interest is a partnership interest. Here are the structures that actually work.

The complete tax structure for a real estate fund: manager vs GP, waterfall design, depreciation allocations, UBTI blockers and multistate filing.

An S corp saves self-employment tax on fee income once you clear roughly $60K–$80K net. It also blocks debt basis — so it must never hold your ownership interests.
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