In this episode of the Major League Real Estate Podcast, Thomas Castelli and Nate Sosa sit down with Rob Beardsley, founder and CEO of LSCRE, to break down what it really takes to scale a vertically integrated multifamily business in today’s market.

Rob shares how his firm grew to nearly $1 billion in Texas multifamily assets, why vertical integration gives operators more control, and where many investors misunderstand underwriting. He also explains why AI may improve operational efficiency more than underwriting itself, how strong investor relationships are built over time, and why tax strategy remains one of real estate’s biggest advantages.

The conversation also covers 1031 exchange structuring, current multifamily market conditions, and what Rob is seeing as the best opportunities moving forward.

Request a free discovery meeting: go.therealestatecpa.com/mlre

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Get the Aircraft Acquisitions White Paper: www.therealestatecpa.com/aircraft-white-paper/

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: go.therealestatecpa.com/question

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

In this episode, Nate and Tom break down the truth behind private jet tax write-offs: what works, what doesn’t, and where investors get into trouble.

They dive into how bonus depreciation can create significant tax savings, why most jet structures default to passive losses, and how rules like material participation, business use, and grouping elections can make or break your strategy. Plus, they walk through real tax court cases where investors lost and what you can learn from them.

If you’ve ever considered buying a jet (or just want to understand the strategy), this episode will help you avoid costly mistakes and stay on the IRS’s good side.

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Aircraft Acquisitions White Paper: www.therealestatecpa.com/aircraft-white-paper/

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: go.therealestatecpa.com/question

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

K-1 season can be confusing for real estate investors, especially when depreciation, passive losses, and capital accounts start showing up on your tax documents.

In this episode, Nate and Tom break down the fundamentals of depreciation in real estate partnerships and how it impacts both general partners (GPs) and limited partners (LPs). They walk through how cost segregation studies accelerate deductions, why passive losses matter for investors, and how depreciation is allocated inside syndications.

They also explain why capital accounts and outside basis determine whether investors can actually use the losses shown on their K-1 and why partnership operating agreements need to align with IRS rules like Section 704(b).

Whether you're a syndicator structuring deals or an investor trying to understand your K-1, this episode provides a clear overview of how depreciation works inside real estate partnerships.

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: go.therealestatecpa.com/question

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

In this episode of the Major League Real Estate Podcast, we sit down with Victor Menasce, tech executive turned real estate developer, host of the Real Estate Espresso Podcast, and author of Magnetic Capital, to break down what’s really happening in today’s market.

From leaving Silicon Valley in 2009 to building multifamily projects in uncertain cycles, Victor shares how his background in tech shaped the way he approaches development, capital raising, and long-term wealth building.

But that’s not all.

Victor also dives into:

- Why the real estate market is “splitting in two” and who gets squeezed

- The biggest mistake syndicators make when raising capital

- What lenders are doing behind the scenes (including term sheet bait-and-switch tactics)

- Why real estate should be treated like product design, not a commodity

For GPs raising capital, LPs evaluating deals, or operators trying to adapt to a rapidly changing market, this episode delivers strategic insights on surviving — and thriving — in the 2026 real estate cycle.

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: https://go.therealestatecpa.com/question

Connect with Victor: https://ystreetcapital.com/

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

In this episode of the Major League Real Estate Podcast, Thomas Castelli shares the full story of his journey, from attending local RIAs and investing as an LP, to joining the GP team on an 82-unit apartment complex, navigating hurricane due diligence, raising capital under pressure, and exiting during the chaos of COVID in 2020.

But that’s not all.

Tom also opens up about:

- The hardest lesson he learned about capital raising

- Why most new GPs underestimate the importance of investor relationships

- What changed in the syndication world since 2017

- The risks LPs don’t think about (until it’s too late)

- How a failed ATM investment reshaped his investing philosophy

-,Why experience matters more than ever in today’s market

For GPs raising money, LPs evaluating risk, or investors entering the syndication space, this episode shares practical, experience-backed insights.

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: [email protected]

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

In this episode of the Major League Real Estate Podcast, hosts Nathan Sosa and Matt Hamilton sit down with Jens Nielsen of Open Doors Capital to break down how he went from a 25-year IT career to full-time real estate and scaled from buying a couple of fourplexes to investing in 2,700+ multifamily units as a GP.

Jens breaks down:

- How he went from 0 to 19 units in year one and built momentum from there

- The pros/cons of joint ventures vs. syndications, including flexibility, cost, and incentive alignment

- The operational metrics he watches most (occupancy, collections, rent growth, reimbursements, and expenses)

- The hard lessons from the rate shift: bridge debt, underwriting assumptions, and mechanical systems

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: [email protected]

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

Nathan and Matt dive into one of the most anxiety-inducing topics in real estate tax: IRS audits—specifically what a partnership audit actually looks like and how it differs from individual audits.

They break down why partnership audits are far less common than most operators assume, how the current partnership audit regime works, and what really triggers IRS scrutiny. The conversation focuses on practical risk analysis, not fear-based hypotheticals, with real-world examples from years of working with partnerships and investors.

Nathan and Matt cover:

The most common IRS notices partnerships and individuals actually receive

Why partnerships historically haven’t been audited often—and what changed under the BBA regime

How partnership audits work today and when tax can be assessed at the entity level

The role of IRS divisions, experience gaps, and ROI in audit selection

Why low audit risk does not justify indefensible tax positions

How to think about tax strategies through a risk-and-reward lens

Real examples of aggressive strategies gone wrong, including conservation easements

They wrap with a clear takeaway: audit risk should never drive tax decisions. Good tax planning assumes scrutiny, weighs risk intentionally, and focuses on positions that can be defended—not just benefits that look good on paper.

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: [email protected]

Get the Year-End Tax Checklist:

go.therealestatecpa.com/4nEUkJM

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction.

Nathan and Matt shift gears for a practical, nuts-and-bolts episode focused on year-end planning and what operators should be thinking about now to set up a smooth tax filing season.

They walk through the key tax, accounting, and logistical items that tend to create friction during tax season—and how addressing them proactively can save time, reduce stress, and avoid last-minute surprises. From entity-level considerations to investor reporting and bookkeeping cleanup, the discussion is geared toward real-world execution, not theory.

Nathan and Matt break down:

What tax items to evaluate before year end, including income acceleration or deferral, depreciation planning, and credit opportunities

Common accounting cleanup issues that slow down tax prep, such as unreconciled accounts, misclassified expenses, and incomplete fixed asset schedules

What documents and data you should be gathering now to avoid bottlenecks once tax season hits

How investor counts, capital activity, and ownership changes impact timelines and reporting complexity

Why coordination between operators, bookkeepers, and tax advisors matters more at year end than any other time of the year

Simple process improvements that make future tax seasons easier—not just this one

They close with a straightforward message: tax season is rarely stressful because of taxes themselves—it’s stressful because of disorganization and late decisions. Thinking through these items before year end puts you in control, shortens turnaround times, and sets your business up for a clean start to the new year.

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: [email protected]

Get the Year-End Tax Checklist:

go.therealestatecpa.com/4nEUkJM

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

Nathan starts by unpacking the difference between deductions and credits, then walks through how the 30% Investment Tax Credit (ITC) works when you install solar on commercial properties—plus how bonus depreciation layers on top of the credit under today’s rules. He explains why the Inflation Reduction Act boosted solar, what’s changing over the next few years, and where engineering studies come into play as project sizes grow.

Nathan and Matt break down:

How a 30% solar ITC actually shows up on your tax return versus a regular deduction

Why you can still get significant bonus depreciation and the credit, and how the 50% reduction rule works in practice

The real cost of implementation—equipment, engineering, and making sure projects meet the technical requirements

Common “solar scheme” structures where a promoter sits in the middle, finds customers, and promises you credits and losses

Why having a management company or middleman usually makes your income and losses passive, limiting your ability to offset active income

The material participation rules, and why simply “logging 100 hours” in a paper log isn’t enough in an IRS audit

Why the investment itself still has to make economic sense—cash flow, operations, and returns—before you even factor in the tax benefits

How solar and other credit structures compare to more established models like low-income housing and historic rehab deals using partnership flip structures

They close by emphasizing a simple principle: don’t let the tax tail wag the economic dog. Used correctly, solar and other credits can be powerful tools for CRE operators to enhance returns, build a bank of passive losses, and fund tougher deals. Used sloppily—or purely for tax savings—they can become high-risk audit bait.

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: [email protected]

Get the Year-End Tax Checklist:

go.therealestatecpa.com/4nEUkJM

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.

In this episode of the Major League Real Estate Podcast, hosts Nathan Sosa and Matt Hamilton sit down with Tait Duryea of Passive Income Pilots and Turbine Capital to unpack how he’s helping airline pilots and other high-earning professionals turn strong W-2 income into real wealth through passive investing in commercial real estate, oil and gas, and other private deals.

Tait shares how he grew up in a multigenerational aviation family, became a major airline pilot in his early 20s, and used that career as a launchpad for investing—starting with a single-family house in Las Vegas and eventually scaling into LP positions across the country and multiple asset classes.

Tait breaks down:

The gap between high pilot incomes and real wealth-building—and why a big paycheck plus index funds often isn’t enough

How he went from a Vegas rental and small multifamily to investing passively in dozens of syndicated deals

Why he launched Turbine Capital and the Passive Income Pilots podcast as an education-first, pilot-focused investing platform

How Turbine structures deals—fund-of-funds, co-GP roles, and negotiating better economics for LPs while partnering with best-in-class operators

His approach to protecting friends-and-family capital through deep sponsor relationships, rigorous underwriting, and outside experts

Tait closes by explaining why Turbine Capital is built first as the vehicle he wants his own money invested in—and how serving a niche LP base with education, alignment, and institutional-level diligence creates a durable platform for both investors and operators.

Request a free discovery meeting: go.therealestatecpa.com/mlre

Subscribe to the REI Daily Newsletter: go.therealestatecpa.com/mlresubscriber

Get the Ultimate Guide for Real Estate Syndications: go.therealestatecpa.com/mlreultimateguide

Submit your questions to: [email protected]

Get the Year-End Tax Checklist:

go.therealestatecpa.com/4nEUkJM

The Major League Real Estate podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, investing, financial, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Any mention of third-party vendors, products, or services does not constitute an endorsement or recommendation. You should conduct your own due diligence before engaging with any vendor.