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@SKaarenoja

LP Investor

@LPInvestor

2 months

@SkiTownRE Google says you'll be opened back up by Monday.... no big deal... 😂

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LP Investor

@LPInvestor

3 months

For anyone watching the latest Ponzi collapse in Sonoma CA by a couple of guys that bought up 100+ properties totaling ~$250m (which they did nothing with & allowed to rot), this little nugget was recently disclosed.... Ken Mattson was not only scamming elderly folks but also

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LP Investor

@LPInvestor

3 months

I'll give the long-form counterpoint to SMG's buy & hold argument... First, I'll give Don credit for what seems like an honest answer and saying what many GPs won't, which is that he is getting paid on the promote and is not interested in subjecting his payday to timing or

StripMallGuy

@realEstateTrent

3 months

Sorry. I don’t believe in buy and hold. Why? Skip to 37:11 in the video for my explanation 🙏

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LP Investor

@LPInvestor

8 months

@rohindhar I know this property well - new construction, built literally right on the highway, zero land, and frankly butt-ugly. Cut the price in half again and maybe they'll find a buyer that thinks the road noise is tolerable at a 75% reduction... 🤣

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LP Investor

@LPInvestor

8 months

@EllliotttB Should have gifted that hot turd to a non-profit before the FCL sale to avoid the recapture. This sounds like a grifty 503c - we'll be the dumpster for your worthless LP interests loaded with recapture - just gift us 50% of what you would have owed the IRS...

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LP Investor

@LPInvestor

3 months

This whole sell vs hold debate revolves around different investors with different motivations. @realEstateTrent is a GP/Operator running a business. He's found an inefficiency in strip retail, he's exploiting that, adding value, and monetizing it. That exit cash pays his

StripMallGuy

@realEstateTrent

3 months

Appreciate this 🙌🏻 Like many, we typically buy and sell in under 5 years. If you take our 29 exits and apply a 50% LTV and our fees, the net annual return to investors is 23% (IRR). We use our niche expertise to buy them right, hustle like crazy to add value, and don’t take

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LP Investor

@LPInvestor

8 months

@rohindhar Pretty good odds that barn was once a grow house and now priced at $420k.... I think they'll get their bid here.... 🤣

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LP Investor

@LPInvestor

3 months

LIVE UPDATE - FBI has raided Mattson's house...

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LP Investor

@LPInvestor

2 years

@cre_cole Love everyone in replies is hating but at the same time looking to build "generational wealth" and thinking this won't be their kids/grandkids if they succeed... 👀

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LP Investor

@LPInvestor

8 months

@rohindhar The winner on this transaction is San Francisco County - Property taxes going from $2400 (!?!?!) up to $35,000+....... Prop 13 is a hella of drug!

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LP Investor

@LPInvestor

2 months

@LeylaKuni I get the point but I'd respectfully take the other side here and say that pro-formas are just a (hopefully reasonable) best guess by the GP going into a deal. There are a ton of risks going into these deals, some esoteric (ie, did you scope the sewer lines on this unrenovated

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LP Investor

@LPInvestor

4 months

@moseskagan One of my fav stories is that we once paid $1 for an extremely derelict (but v historically significant) building which we subsequently restored into a boutique hotel... What do you think it appraised at? Negative $250k... which was demo cost plus land value!?!?!

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LP Investor

@LPInvestor

8 months

@rohindhar Not at all. Most lakefronts are fairly deep/narrow lots and have some setback from the road but obv depends where you are along the 72 mile road! This is prob the skinniest lot I've seen built on & no way it would have been approved by TRPA w/out the grandfathered old building

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LP Investor

@LPInvestor

4 months

IRR zealots are in the feed again. Still don't understand why this metric creates such division in the GP/LP world. I think we can all agree that LPs who blindly invest on IRR & GP's who spoon feed them high IRR projections with rediculous assumptions should die a firey death,

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LP Investor

@LPInvestor

2 years

@Levijameshere Bad look IMO. If it's such a smoking deal, increase your co-invest to show your conviction.

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LP Investor

@LPInvestor

1 year

@chernobelskiy Wouldn't bother - no reputable GP worth investing with is going to negotiate small checks that your customer base is likely writing. Frankly, if they are offering side letters on 5/6 figure checks, it's probably more of a red flag...

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LP Investor

@LPInvestor

8 months

LP's - when you're out there looking at private RE deals at 2&20, 2&30, or 2&40 fee & promote structures, remember you can go buy listed REITs like PLD that charge you 35bps, zero promote and you even get to share in their JV GP income from their private deals...

Hunter 🌆

@rhunterh

8 months

Prologis G&A is 35bps as a % of Gross AUM. How much better do private returns need to be to outrun the fee drag?

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LP Investor

@LPInvestor

3 months

More here (bypass paywall) -

They trusted Sonoma developer Mattson with their life’s savings. Then the checks stopped coming

web.archive.org

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LP Investor

@LPInvestor

2 years

@Levijameshere Counter argument is that 90+% of OZ investment dollars are going into the top 5% of OZ census tracts that probably shouldn't have been in the program to begin with. This coming from a big OZ investor... 👀

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LP Investor

@LPInvestor

4 months

@ScottChoppin #2 is ridiculous... lots of great people in the world that aren't married and/or don't have kids whether it be their own choice or reasons beyond their control... 🙄

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LP Investor

@LPInvestor

2 years

@JohnJBlatchford Guys that invest solely for pro athletes also throw big red flags... So many nightmare stories in this space...

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LP Investor

@LPInvestor

4 months

Got my paws on one of these "feeder funds" that raises capital for Rise deals & its just a Rise deck with an extra page for the dentist putting the thing together and charging you an extra 2% acquisition fee and 50 bps/yr. This bio is literally all the value they are adding...

EB (🏢,🏢)

@EllliotttB

4 months

Best ever

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LP Investor

@LPInvestor

4 months

Its the "Best Ever" time of the year again, where LPs somehow get duped into paying $4k to listen to these capital-incinerating GPs pontificate on the market & if that's not enough, you can even eat a "VIP" breaky w Mr. Rise himself & ask about the status of the 38 other assets👀

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LP Investor

@LPInvestor

3 years

@TheRealEstateG6 I'm not against screening your LP's and finding value-add partners but I'd argue *most* GP's prefer truly passive limited partners... and I'd prefer to invest with a GP i don't need to actively manage. Not being a PITA to the GP has more value than meets the eye...

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LP Investor

@LPInvestor

9 months

@realEstateTrent LPs not proceeding based on final K1s by 3/15 are not savvy & short-sighted if they'd commit otherwise. Filing on extension is part of the deal investing in privates, esp in any secondary funds. Better question is what prelim tax reporting the GP does in both Dec & April b/c...

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LP Investor

@LPInvestor

3 months

It's a shame that investors can't get self-storage exposure without subjecting themselves to illiquid private syndications that have 3% acquisition fees, 50% promotes and giving up 50% of their depreciation allocation... Maybe the free markets will figure it out one day... 👀

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LP Investor

@LPInvestor

2 years

@Wildlaw406 Lesson here seems to be that insurance coverage is critical at every entity layer. That said, it seems the LLC structure did protect ownership from personal liability? To me, that that is key liability protection with an entity wrapper.

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LP Investor

@LPInvestor

4 months

What a gem this is, courtesy of our fearless leader @mu2myoc aka "Boomer Mindset" who actually responded to this hard hitting reporter's inquiry... 🤣 Web archive link since we know no one subscribes to this garbage (RIP Fortune) -

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LP Investor

@LPInvestor

3 months

More background on the real estate owned by these guys

Mattson, LeFever have bought up more than 100 properties in Sonoma Valley. Here’s a look at them

web.archive.org

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LP Investor

@LPInvestor

4 months

@scottyo21 Where do we start.... - State level K1s & filing requirements - Tax planning in general - very hard to plan around tax events within a fund that you have zero control & limited insights into. - Most PE managers are tax insensitive & focus on pre-tax IRR performance which is a

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LP Investor

@LPInvestor

3 months

@moseskagan If you are looking for pure deal-by-deal syndicators, I'd say MG Properties out of San Diego. 30-year history, conservative fixed rate debt, big co-invests, reasonable fees, 1031 friendly. That said, they bought deals from 2020-2022 that were way too skinny for me, and

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LP Investor

@LPInvestor

2 years

@steven_segal88 Reasonable request if you're getting a substantial discount on the deal. If not, no dice, buy the asset. His poor tax planning shouldn't be your issue.

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LP Investor

@LPInvestor

3 months

Map of all the properties they acquired in Sonoma over the last 9 years with a link to google maps...

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LP Investor

@LPInvestor

2 years

@realEstateTrent They can be but it's extremely nuanced. Tax nexus is a huge issue (esp for RE folks), unrealized gains coming in, and the fact that you're relying on a contract with a bankruptcy territory that is notoriously corrupt.

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LP Investor

@LPInvestor

3 months

This takes the cake for the worst financial advice on the internet surpassing the advice of buying your baby whole life insurance.... Instead of having a childhood filled with toys & fun, your kid will turn 18 and be given a closet full of vinegar bottles since 99.9999% of wine

John LeFevre

@JohnLeFevre

3 months

This sounds pretentious but is genuinely good advice: When your kids are born, open a wine storage account for them, and add to it every year. And instead of getting useless toys and redundant gifts from family, tell them to buy a case; it fits near all budgets. In 20 years,

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LP Investor

@LPInvestor

2 years

@Levijameshere How about return zero capital and 14-16% 😉 Honestly, if I write a $1m LP check, get it back in 3 years... 1st - have cash drag & redeployment issues. 2nd, have a tail asset throwing off $20-30k which is now a PITA to track and deal with taxes on for little upside.

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LP Investor

@LPInvestor

2 years

Gentle reminder to everyone that permanent life insurance agents make the worst Real Estate GPs look like saints...

Thomas Kopelman 💵

@TKopelman

2 years

Had a 22 yr old reach out the other day saying he saw my post on permanent life insurance & was unsure what to do His college buddy at NW mutual told him he NEEDED a perm policy Yet he had no emergency fund, student loans, hadn’t started a Roth… Don’t fall for it

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LP Investor

@LPInvestor

4 months

TFW you realize investing in privates means you'll never file taxes by April 15th ever gain...

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LP Investor

@LPInvestor

3 months

My high-level 2 cents on Alts exposure for most retail/HNW portfolios buried in the replies. This is worth a bigger discussion but any alternative investment decision should start with "WHY" and if you can't answer that, you probably don't need it in your portfolio...

LP Investor

@LPInvestor

3 months

@investing_law The correlation and absolute returns of equities and RE on a long-term basis are pretty high, so I'd argue a separate RE investment sleeve (excluding personal RE) is not needed as a portfolio default for the vast majority of Retail/HNW that are investing for retirement, and not

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LP Investor

@LPInvestor

3 years

@EdelkopfYossi Getting paid for raising money.... how the big boys do it...

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LP Investor

@LPInvestor

4 months

Let me get my Due Diligence Checklist straight ✅ BX buys unrelated public REIT but 10x-man thinks it relates to him ✅ BX won't partner w me, but can literally own BX as a shareholder ✅$1.5m min investment is lower than BREIT's min of $2.5k ✅Buying better assets than BX🤡

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LP Investor

@LPInvestor

2 years

@GoodGuyGuaranty @rhunterh Generalizing but tend to agree. "Elites" tend to realize wealth signaling consumption (Range Rover lease, Hampton Rental, Mich Rest) are not adding happiness/joy/value, so it tends to be the simple/cheap stuff or the 'extravagant' splurges that are actually worth the expense

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LP Investor

@LPInvestor

2 years

@MattLasky For LPs - I think many overlook public REITs for whatever reason and probably get lower after tax returns in the long run. Privates are sexy and REITs are not...

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LP Investor

@LPInvestor

2 years

@PinkPoloShorts Go through enough litigation and you realize why the boomers prefer phone calls over email.... 👀

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LP Investor

@LPInvestor

4 years

@EllliotttB Agree 100%. Blows me away how many investors (big and small) seem to think the grass is greener in privates and there is some magical alpha unicorn after paying 2 & 50-80 and then paying taxes/recapture after the GP decides to exit because it favors them. Live & Learn I guess..

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LP Investor

@LPInvestor

2 years

Matt hitting the nail on the head here - I think every LP needs to hear this over and over (myself included).

Matt Lasky (demure)

@MattLasky

2 years

Not sure who needs to hear this, but if you're investing in private CRE deals, you should be paying for a combination of unique sourcing/differentiated lens & operational chops. Otherwise go lever up a REIT and enjoy higher quality w/ lower fees

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LP Investor

@LPInvestor

3 months

"Ruh - Roh"

Aleksey Chernobelskiy

@chernobelskiy

3 months

Hearing about two large syndicators that are months away from (officially) losing hundreds of millions of equity capital Likely thousands of LPs in these deals that have no clue this is coming If you know anything about the situation please reach out

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LP Investor

@LPInvestor

2 years

@KHendersonCo Nice to see him add the extra $20 to the end of the rate for a little extra juice.... 👀

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LP Investor

@LPInvestor

2 years

@moseskagan @ahueh Proactive planning. Estate tax is 100% optional w enough time & right advisors. Crazy the moves that can be made. If not done, borrowing against the properties, or partial sale are options. Life insurance can be used for illiquidity but would fall into the proactive camp.

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LP Investor

@LPInvestor

4 months

I'll add that if this was such a smoking deal, this GP wouldn't be working with some 2-bit Dentite fleecing group to raise capital... Red Flag #67

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LP Investor

@LPInvestor

2 years

@abakermont Sir, this is a Wendys....

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LP Investor

@LPInvestor

8 months

GP's raising money - Remember that your target audience is a Rich-as-F boomer who still has an Aol email address and likes to print out documents. Live look here at your potential LP when they learn they have to go to a specific site, enter a password and can't print it out....

LP Investor

@LPInvestor

8 months

@StorageDataDev I'll push back and say, send a PDF or allow the LP to download the DocSend file. GPs that have online view only DocSend pitches drive me nuts. We have a process for reviewing decks and if you make me break that so you can see what page I'm reading, its an immediate neg strike

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LP Investor

@LPInvestor

4 months

80/20 is still the market out there folks.... And since we're on Twitter, I guess I need to clarify that it's 80% to the LP....

The Investments Lawyer (Michael Huseby)

@investing_law

4 months

If your carried interest percentage is above 20-25%, that’s fine, but you should have a story for why you’re higher than market. ➡️Do you deliver outsized returns? ➡️Do you have specialized experience? ➡️ Do you have lower than market fees? The market for most institutional

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LP Investor

@LPInvestor

2 years

@moseskagan I'd argue better model would be an RIA sub-advisory shop that specializes in a menu of niche small/medium GPs with full diligence, underwriting, oversight, platform etc. As someone who sources/underwrites/manages privates in-house, i'd absolutely consider and pay for that.

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LP Investor

@LPInvestor

3 months

Rise's latest social media post proudly stating that.... 13% of capital raised has been returned to investors since their inception... 🧐 And this is supposed to entice LPs into investing? I think we've entered Bizzaro world....

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LP Investor

@LPInvestor

3 months

Anyone get Bingo??

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LP Investor

@LPInvestor

9 months

@chernobelskiy Certain Phoenix based syndicator who is very public about their portfolio not being distressed?

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LP Investor

@LPInvestor

5 months

@imrichardfertig Handle everything except a road less than 8' wide... 👀😂 I get the cool factor but those things are just so big for central American 4x4 trails... i'd go the opposite and take tiny Jimny that can literally go anywhere, including your pocket... 🤣

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LP Investor

@LPInvestor

2 years

@patefortworth @stillwell All ski areas prohibit paid lessons by 3rd party instructors. Huge cash cow for them.

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LP Investor

@LPInvestor

3 months

@seattle_tax You mean the consensus answer was not Non-grantor spendthrift complex discretionary Pet Trust??

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LP Investor

@LPInvestor

3 months

When ground-up multi-family lease up isn't going well... Short term rentals to the rescue?? I'm sure this work out just fine... 👀🤪👀

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LP Investor

@LPInvestor

3 months

@credealjunkie Did I miss another recent one? I know there was a ponzi maybe a decade ago and one of our companies had leased office space in one of the Ponzi'd office building but dont remember the details... Hate to say it but prob a good market for criminals... lots of $$$ floating around

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LP Investor

@LPInvestor

3 months

@PrivatEquityGuy IMO, the best LPs are the hardest to get to a Yes but once you do, you'll have a much higher bar of conviction, and hopefully a long relationship. The quick Yes is just as likely to be quickly gone (or quickly defaulting on commitments). Right mindset is to hand around hoop,

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LP Investor

@LPInvestor

3 months

Last day of First Republic Bank... RIP

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LP Investor

@LPInvestor

2 years

@joebjones1982 @moseskagan 110%?? So gov't takes all the assets and slaps on another 10% to punish those little brats? There is a platform to run for public office on...

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LP Investor

@LPInvestor

8 months

LP Tip of the Day - Got our first small capital call on an RE fund we committed to almost 18 months ago which is a record timeline for me between commitment & 1st call. Usually I'd be annoyed b/c we'd be fee'd to death over 18mos w/ no money at work but this GP structured .. 1/x

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LP Investor

@LPInvestor

4 months

@ZeroBasis Live in a touristy area and am now surrounded by these things... it's literally insane during high season and what people will do "when they are on vacation", they they'd never do in their own neighborhood.

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LP Investor

@LPInvestor

3 years

@moseskagan Link to the article - Long but worth it -

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LP Investor

@LPInvestor

3 months

@rohindhar Love the Prop 19 layer ... It's actually insane the amount of value folks over 55 can transfer to their next primary residence when it's this low...

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LP Investor

@LPInvestor

2 years

@PaulJohnsonMN Hopefully, you have a 3rd that's into sailing... 🤑

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LP Investor

@LPInvestor

11 months

The mystery of who Jesse and Amber Gemstone are based on has been solved.... Grifters gonna Grift

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LP Investor

@LPInvestor

4 months

@investingcre These guys are literally a joke on the LP side. Entire firm is literally a cult run by their fearless wunderkind who raises money based on investor events built around winning free vacations, referral programs, in-your-face DEEP religious undertones, and Tim Fucking Tebow..

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LP Investor

@LPInvestor

2 months

@credealjunkie Its 99% a people problem and 1% structural. The best way I've seen any assets being passed down is involvement (ie, management), skin in the game (ie, equity early) and some indoctrination (ie, family legacy)... Anyone who thinks some entity structure is going to keep things

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LP Investor

@LPInvestor

3 years

@BarryRoland19 Not to nitpick, but Id call this scenario an "excess" or "additional" capital call. Capital calls are a normal part of RE funds. Commit $X upfront & you get capital calls throughout the investment period as the GP deploys capital. Regardless of terminology, good points...

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LP Investor

@LPInvestor

2 months

@mhprvpmvp Anyone surprised by all this should stick to index funds... happens every cycle, and will continue to happen every cycle...

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LP Investor

@LPInvestor

2 years

@JoeCassandra @pslohmann This is the biggest lie of this "scheme" - You pay interest like any other loan and the interest goes to the insurance company, not the policy owner.

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LP Investor

@LPInvestor

3 months

40% Estate Tax rate got you down this Sunday Morning? Yep..... you and me both... What if I told you you could pay 28.5% instead by simply gifting your assets away while alive instead of dying with them? "Sure Mr. Anon Twitter Guy, that sounds great, but aren't the gift &

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LP Investor

@LPInvestor

4 months

Single ladies - if your boyfriend, who owns 3 B-shares of $BRK and quotes Charlie Munger, invites you on a Spring getaway to Omaha, your worst proposal nightmare might come true.... 😱😱😱

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LP Investor

@LPInvestor

2 years

Happy extension day to all the tax masochists out there blinding paying the IRS and countless states based on dozens of ballpark tax estimates from partnerships that won't have their K1s done for another 5.5 months..... all for the 'alpha'... 👀

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LP Investor

@LPInvestor

9 months

@ToryJSheffer Committing 5-6 figures to a smaller GP (no offense) without a single direct point of contact is literally insane and goes to show the lack of work people put into diligencing their investments. If they don't call/email, they sure as hell aren't reading the docs.

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LP Investor

@LPInvestor

3 years

@mu2myoc "That's OK... twitter doesn't have the investors you need... try Facebook tomorrow... and We'll always have the coaching income for the Net Jets insta pics"

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LP Investor

@LPInvestor

3 months

@roberthendricks @BanksterLife If you're concerned about claiming hard assets of the underlying companies in the SP500, then its all over, and guns/ammo/food/shelter is the portfolio you should be concerned with. That said, there is a very clear corporate legal system that makes all this tick, and is really

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LP Investor

@LPInvestor

4 months

Rise deck reviews aside, let's not forget their Instagram page that is a treasure trove of "Retail Capital Marketing" gems...

LP Investor

@LPInvestor

1 year

@mu2myoc Please send wire instructions....

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LP Investor

@LPInvestor

8 months

GPs-Be good guys/gals & please don't charge us poor helpless LPs on $$ you haven't put to work. We all know you're printing mgmt fees on your last vintage fund that is fully called & now earning promote. No need to double-dip us... Sincerely, your very Limited Partner #845 3/3

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LP Investor

@LPInvestor

4 months

Egregious marketing aside... Who in their right mind would invest with a firm named.... 𝗚𝗿𝗼𝗰𝗮𝗽𝗶𝘁𝘂𝘀 If that isn't a massive judgment red flag of the principals, I don't think anyone is going to be able to help you....

Chris Tayeh

@ChrisTayeh

4 months

Guaranteed that Neal Bawa shouldn’t be saying this type of crap and broadcasting it on social media @investing_law

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LP Investor

@LPInvestor

4 months

@mu2myoc I'm not sure if this is an actual recommendation or if you have a "Marlo" vendetta with Ken and are steering every $5k check writing "LP" his way by publishing his email address...

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LP Investor

@LPInvestor

3 months

@EllliotttB Looks promising... I prefer my GPs to have Boston Tea Party cycle experience

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LP Investor

@LPInvestor

3 months

Latest Update on the Sonoma Ponzi Scheme - Kenny Mattson plays the title shell game. Hats off to the reporting by Phil Barber ( @Skinny_Post ) at the Press Democrat on this story but I'm going to respectfully disagree with the recent PD headlines - KennyMat isn't selling any

LP Investor

@LPInvestor

3 months

For anyone watching the latest Ponzi collapse in Sonoma CA by a couple of guys that bought up 100+ properties totaling ~$250m (which they did nothing with & allowed to rot), this little nugget was recently disclosed.... Ken Mattson was not only scamming elderly folks but also

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LP Investor

@LPInvestor

8 months

@StorageDataDev I'll push back and say, send a PDF or allow the LP to download the DocSend file. GPs that have online view only DocSend pitches drive me nuts. We have a process for reviewing decks and if you make me break that so you can see what page I'm reading, its an immediate neg strike

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LP Investor

@LPInvestor

3 years

@EllliotttB Literally know a fund of funds guy that belongs to 10+ country clubs - must have $2-3m invested in initiation fees alone plus monthly dues.... he must be a VIP member of your RE fundraising course

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LP Investor

@LPInvestor

2 years

@realEstateTrent Hard disagree. Anyone with a brokerage account can invest in $VNQ or a basket of pub REITs with any amount of money to get CRE exposure and 99/100 times will be better returns than trying to select a GP who will accept your $1000 and fleece you.

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LP Investor

@LPInvestor

9 months

@skylarromines Don't fall for the Trap! We've owned two of these things in Tuscany, both major reno projects and yikes... what a nightmare... best to just dream... or just rent one!

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LP Investor

@LPInvestor

1 year

Avoiding sitting next to her in First Class is now the top reason to fly private....

Codie Sanchez

@Codie_Sanchez

1 year

The most underrated "luxury" purchase... First-class seats. Everyone posting about flying private yet I sat next to 2 billionaires on a commercial flight. I remember buying them before it felt comfortable. Should have done it sooner.

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LP Investor

@LPInvestor

4 months

@mu2myoc @JWurzak And let's not forget a nice fat meaningful fucking co-invest from the actual principals (not some Co-GP BS) that is way above and beyond rolled fees....

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LP Investor

@LPInvestor

2 years

@MicawberCapital @moseskagan @MarcSGilbert @JaretTurkell @EllliotttB @fortworthchris This usually works....

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LP Investor

@LPInvestor

1 year

@OmarMora1es Will the GPs give you large allocations with full knowledge it's mostly 3rd party capital? Can you raise 3rd party LP capital that wants access to these deals? If yes/yes, then absolutely a business opportunity. Plenty of people doing it.

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LP Investor

@LPInvestor

2 years

@MattLasky For GPs - its obviously economics. Throw in a 5% co-invest, and the GP level returns are insane plus fees/etc. It's a lifetime ATM and not exactly able to pull off the the same model buying liquid public REITs.

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LP Investor

@LPInvestor

4 months

Market Sentiment Report - May 2024 We're at the phase of the market where hospitality gurus are buying garbage Class B industrial in one of the hottest markets in the country and claiming they have an "edge".... We've got a ways to go yet.... Powell - another 25bps please?

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LP Investor

@LPInvestor

2 years

@hunterjones23 @FrankScapp Every LP situation is different - they very well might be able to use those losses against other passive income. Have you had any push back from LPs on this? Would be an immediate deal-breaker for any sophisticated LP I know...

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