A late k-1 as well. 

This is probably the best scenario of all because $250 K gain exclusion on your primary isn't very much, really. 

Quote from @Michael K Gallagher: @Fred McKinley Hughey welcome ! 

Not advertising a deal, just trying to understand what “market” looks like.Hypothetical (but based on a real situation):- Location: Central Los Angeles, Jefferson Park–type area- Asset: Existing 4-unit multifamily on a single parcel- Context: Within walking distance (~0.5 miles) of an E Line / K Line rail station, so it appears to fall into a transit-oriented development (TOD) pocket that should benefit from SB 79 upzoning (higher minimum density / height / FAR if standards are met)- Ownership: Held in a family trust tied to a probate / conservatorship, with a court-supervised mandate to (a) preserve the asset and (b) use it to support an elderly beneficiaryThe family side can realistically contribute **land only**; they don’t have the balance sheet or cash to run a full entitlement + construction process.

Can someone @Chris K. the attorney in this area that owns the glass business United Glass Ventures, he'd know

K. 100% depreciation- If you have REP status you can take 100% write-off in the first year for taxes.

@Steve K.

It may be beneficial to have a conversation with his accountant or your accountant as they will have all the details.If your partner is a real estate professional, that turns rental losses from passive to active.Therefore, if he has rental losses, they will offset your W-2 income along with income from his S-Corp(K-1 + Wages).Best of luck!

Currently, I have investments in stocks, a self-directed IRA, a 401(k), and real estate.

@Steve K.