What’s the smartest way to position yourself in today’s real estate market? 

Tait Duryea and Hunter Thompson dissect the capital stack and explain how investors can use private debt, common equity, and preferred equity to balance risk and reward. They reveal why banks hold the safest seat at the table, how leverage amplifies returns, and why PREF equity is gaining traction in today’s market. Plus, they discuss how inflation reshapes wealth strategies, the role of depreciation, and how to think like a sophisticated investor.

To learn more about the Azara Tempe investment opportunity or to submit a commitment, please visit the deal room.

Show notes:
(0:00) Intro
(0:37) Debt vs. equity explained
(3:14) Why banks hold the safest seat
(7:01) Risk, reward, and loan-to-value
(11:05) Equity investors and amplified returns
(20:10) Preferred equity defined and positioned
(23:50) How PREF works in current deals
(28:44) Blended returns with split investments
(31:23) Why PREF equity is capped
(36:07) Understanding accrued preferred return
(39:26) Inflation as real estate’s best friend

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

What does it really take to grow wealth as a high-income professional? 

In this Hangar Talk, the team shares updates on the upcoming Investor Weekend in Colorado, including property tours, golf at Four Mile Ranch, and fireside conversations with oil and gas advisor Mark Fleming. You’ll also learn about the “buddy bidding” program, self-directed retirement accounts, tax strategies like Roth chunking, and how bonus depreciation offsets capital gains; the so-called “lazy man’s 1031.” Finally, the group breaks down the Iron Horse Fund, its tax advantages, risk protections, and long-term potential in oil and gas.

To learn more about the Azara Tempe investment opportunity or to submit a commitment, please visit the deal room.

Show notes:
(0:46) Investor Weekend update in Colorado
(3:29) Buddy bidding explained for investors
(5:35) Investor portal updates and transfers
(7:52) Using self-directed retirement accounts
(12:01) Strategic Roth conversions for pilots
(13:14) Bonus depreciation and the “lazy man’s 1031”
(16:05) Why five-year holds are common
(24:42) Hall CPA and oil & gas tax guidance
(35:39) Iron Horse Fund overview and structure
(39:22) GP to LP transition explained
(45:03) Natural gas, data centers, and energy demand
(51:19) Oil & gas returns vs. real estate
(55:05) Investor protections and contingency planning

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

Join Turbine Capital CEO Tait Duryea and Asym Capital founder Hunter Thompson as they sit down on-site at Azara Tempe. In this 15-minute conversation, Hunter shares why Phoenix remains one of the strongest multifamily markets in the U.S., how today’s challenges are more about financing than fundamentals, and why this property’s location, basis, and conservative debt structure make it a compelling opportunity for investors.

To learn more about the Azara Tempe investment opportunity or to submit a commitment, please visit the deal room.

Show notes:
(0:00) Intro
(0:52) Multifamily as real estate’s bread and butter
(3:37) Why multifamily remains a core strategy
(4:42) Competitive edge: specialization and localization
(6:40) Defensible underwriting and risk management
(9:02) Rent growth reversing in Phoenix market
(12:00) Why the seller is selling now
(15:04) Turbine’s GP role and capital commitment

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

In this episode, we hosted a Live Q&A Forum for Azara Tempe, giving investors the opportunity to ask questions, discuss the business plan, review underwriting, explore different share classes, understand the location, and hear more of the backstory behind this multifamily investment opportunity.

To reserve your spot or discover more about Azara Tempe, please visit the deal room.

Show notes:
(0:00) Intro
(03:00) Phoenix market distress creates opportunity
(07:30) Why Tempe location stands out today
(12:00) Falling knife or perfect timing?
(19:00) Lease rollovers and occupancy strength
(24:00) Cap rates, conservatism, and underwriting
(29:00) Breakeven occupancy and positive leverage
(37:00) Prepayment penalties and tax benefits
(42:00) Water security and Tempe’s growth story
(54:00) Bonus unit discovery and upside

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

In this episode, we share the full investor webinar for Azara Tempe, a 56-unit multifamily community in the premier North Tempe submarket of Phoenix, Arizona. The Turbine Capital and Asym Capital teams walk through the opportunity, business plan, and share classes available to investors.

For more information or to submit a commitment, please visit the Azara Tempe Deal Room.

Show notes:
(0:00) Intro
(2:06) Why Asym pivoted to Phoenix multifamily
(5:08) Deal overview and investment highlights
(7:03) Location, location, location: North Tempe advantage
(10:19) Property features and unit mix
(13:35) Sponsorship team backgrounds
(16:21) Long-term ownership and blank slate upside
(22:11) Debt terms and financing structure
(26:55) The “hidden unit” Easter egg discovery
(33:02) Phoenix fundamentals: job and population growth
(42:11) Market cycle analysis and why now

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

Tait Duryea hosts Turbine Capital’s 2025 Annual Shareholder Event, reflecting on the firm’s most successful year to date. With Brittney Atiburcio and guest advisor Mark Fleming, the team shares company growth, portfolio performance across 30 active deals, and insights into today’s economic reset. They also share updates on multifamily, industrial, and energy opportunities, plus news on an executive order that could open 401k access to private equity. Discover why Turbine is doubling down on oil and gas, how Buddy Bidding expands access, and what to expect from upcoming offerings.

Show notes:
(0:00) Intro
(3:29) Meet the Turbine Capital team
(6:39) Introducing Mark Fleming, oil & gas advisor
(8:26) Core values: stewardship, transparency, adaptability
(10:14) Inflation, interest rates, and market reset explained
(19:00) Why Turbine is buying at the cyclical low
(28:25) Rate outlook and macro trends with Jonathan Chang
(28:47) Executive order: private equity meets 401k
(34:34) Tiger 21 and high-net-worth portfolio allocation
(43:01) Navigating challenges and capital calls in Phoenix deals
(52:04) Miticus factory and investor weekend details
(1:00:06) Oil & gas tax benefits and new offering
(1:01:06) Buddy Bidding: new share class for investors
(1:05:15) Save the date: Utah in-person unveiling
(1:08:21) Turbine Capital private podcast announcement
(1:09:34) Q&A: deal forecasting, non-accredited options, asset classes

Turbine Capital Private Podcast:

• Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
• Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

Tait Duryea and the Turbine Capital team break down key investor updates, starting with the fast-approaching August 15th subscription deadline for the Houston storage deal. Hear about Azara Tempe, a 56-unit multifamily near ASU with strong occupancy, solid returns, and significant depreciation benefits. Then meet Mark Fleming, Turbine Capital’s new oil and gas advisor, as he outlines the reduced risk, upfront cash flow, and 80–85% W-2 tax benefits of the upcoming 2025 Oil & Gas Fund. 

Mark Fleming is a petroleum engineer with over 20 years of experience at Chevron, Hess, and in the financial sector evaluating oil and gas portfolios. Specializing in unconventional assets, Mark has advised on drilling programs across major U.S. basins. Now serving on Turbine Capital’s advisory board, he ensures the firm’s oil and gas acquisitions meet rigorous technical and economic standards.

Show notes:
(0:00) Intro
(1:33) Annual shareholder event details
(4:41) Oil & gas deal timeline and intro to Mark Fleving
(10:57) Expected cash flow ramp and well decline curves
(13:25) How diversification across wells reduces risk
(16:23) Why oil & gas offers rare W-2 tax offsets
(19:12) How modern drilling tech lowers risk
(21:27) Tax benefit ranges and conservatism
(25:57) Well life expectancy and hold strategy

Helpful Links:

Annual Shareholder Event Registration Link: https://us02web.zoom.us/webinar/register/WN_UARDy1xgQI6m8irPBIBNKg#/registration

Turbine Capital Private Podcast:

• Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
• Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

Mark Fleming: https://www.linkedin.com/in/mark-e-fleming/

Mark Fleming Oil and Gas Recommended Reading:

• Fossil Future – A.Epstein
• The Prize – Daniel Yergin
• Liberty Energy Website – Bettering Human Lives (by Chris Wright, Secretary of Energy)

Tax Benefits of Oil & Gas eBook:
https://www.turbinecap.com/oil-and-gas-ebook

New upcoming deal Turbine Capital is about to launch - Azara: https://turbinecap.investnext.com/portal/offerings/8718/azara-tempe/

Houston Storage:
https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/

Passive Income Pilots Episode 119 - Asset protection through LLC or Trusts

• https://open.spotify.com/episode/3Ykx90A3PuDuUPAypw2LxG?si=c4328bcc484b4423
• https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000717765661

Book a call Adam Knightly - https://nchinc.com/about-us/our-experts/adam-kintigh

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

Tait Duryea welcomes Nathan Sosa for the first guest appearance of the Hangar Talk series to break down one of the most powerful and misunderstood tax advantages available to high-income earners: oil and gas investing. They unpack how working interests can offset W-2 income, why structure matters, and how the upcoming Iron Horse Energy Fund is designed to maximize benefits while managing risk. You’ll hear how diversification across 100+ wells, partnerships with top-tier operators, and smart fund structuring can deliver both strong cash flow and extraordinary tax efficiency. 

Nathan Sosa, Manager of National Tax at Hall CPA, advises investors nationwide on advanced tax strategies. A real estate investor and small business owner himself, Nathan brings both technical expertise and real-world insight, most recently co-authoring an e-book on oil and gas tax benefits with Tait.

Show notes:
(0:00) Intro
(0:18) Nathan’s tax & investing background
(1:14) Oil & gas tax advantage explained
(4:01) Investing via stock, royalties, working interest
(6:01) How the 80–90% deduction works
(9:14) De-risking with diversification & operators
(13:00) Active loss treatment rules
(17:05) Fund timeline & cash flow outlook
(20:02) State tax factors for high earners
(23:51) Break-even pricing & assumptions
(26:04) Expanded 1202 exemption benefits

Helpful Links:

• K-1 Tax Document tracker: https://docs.google.com/spreadsheets/d/1oZAnEOesvJH228aOiZqUB9P-_vc1DEpzymZAudvNfCw/edit?usp=sharing
• Oil & Gas Tax Benefits eBook (written by Tait and Nathan): https://drive.google.com/file/d/1-esh5ZpdRJkKiBDO05QS2VFUYKzfdEPR/view?usp=sharing
• Passive Income Pilots’ latest episode with Nathan Sosa - Big Beautiful Tax Bill:
  • Apple Podcast:
  • https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000716846641
  • Spotify Podcast:
  • https://open.spotify.com/episode/0exEKvvBnijuZXSVaLGlCu?si=bf12aa083c3648e0
• Houston Storage Deal Room - https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/
• To book a call with Nathan at Hall CPA: https://bit.ly/HallCPA
• Contact Nathan to get access to HALL Community $100 off for the year access for PIP and TC brand: [email protected]

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

What do “7% preferred return” and “70/30 split” actually mean for your investment? 

In this Hangar Talk episode, Tait Duryea breaks down how cashflow and waterfalls work in GP-LP real estate deals. Using relatable rental property examples, he explains preferred returns, equity multiples, liquidity events, capital account reductions, and the tax treatment of distributions. You’ll learn how GP–LP structures align incentives, when projections hold up (and when they don’t), and how refinancing can return your capital while keeping you in the deal. 

Show notes:
(0:00) Intro
(01:21) Year-one cashflow on $100K investment
(02:29) Deals that pay monthly vs. development plays
(03:53) Preferred return as first step in the waterfall
(05:19) How accrued preferred return works
(08:15) Liquidity events and return of capital
(10:24) Capital accounts and preferred return calculation
(13:40) When the preferred return disappears
(14:02) Rewarding early investors in a deal
(18:54) Do real-world results match projections?
(20:29) How distributions are taxed before and after return of capital
(26:25) DSTs, TICs, and 1031 exchange considerations
(26:32) Why invest via Turbine Capital vs. directly

Helpful Links:

• StealthPoint Deal Room: https://turbinecap.investnext.com/portal/offerings/8265/
  
  This Hangar Talk discussed the StealthPoint investment, which is no longer open and accepting investors. You can still view the details in the deal room, but be sure you’re signed up for the Turbine Capital Investor Club to get first notice of new and upcoming Skunk Works offerings.
  
  
• Turbine Capital Calendar: https://www.addevent.com/calendar/Tj858910
• PIP Episode with Trevor Flor on 1031: https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000616864912 
• Cost Segregation Episodes on PIP:
  • Episode #14 with Toby Mathis: https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000611466826
  • Episode #32 with Yonah Weiss: https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000624538776
  • Episode #85 with Erik Oliver: https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000677510087

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

What makes a deal boring, and why might that be a good thing? 

In this episode of the Turbine Capital Private Podcast, Ryan Gibson joins Tait Duryea for a candid conversation about their latest Houston acquisition and why it may be the strongest deal they’ve done to date. 

With $30M already committed and closing set for late August, Tait Duryea and Ryan Gibson break down why this off-market, mom-and-pop portfolio could outperform riskier development deals. At 84% occupancy with major marketing and management upgrades ahead, this Houston acquisition is built for growth. If you’re looking for high-quality cash flow with low downside, now’s your chance.

Ryan Gibson is the President and CIO of Spartan Investment Group and a frequent collaborator with Turbine Capital. Known for his sharp underwriting and operational acumen, Ryan brings deep experience in self-storage, portfolio scaling, and market strategy. 

Deal Room: https://turbinecap.investnext.com/portal/offerings/8449/ 

Show notes:
(0:00) Intro
(00:07) Deal status and commitment update
(00:21) Reserved allocation for pilots
(00:41) Why this is the best deal yet
(01:14) The Portland trio vs. Houston
(05:03) 11% NOI growth, no marketing
(07:28) Massive marketing upgrade coming
(08:29) Underwriting 3.6% with room to beat

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital