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In this episode of the Paper Trail Podcast, Chris Seveney breaks down how real estate syndication returns change once taxes, fees, and deal structure are fully accounted for.

Rather than focusing on headline IRR, the discussion centers on what investors actually keep after understanding their position in the capital stack, the tax implications of debt versus equity, and the impact of layered fee structures.

Chris also highlights retirement-account pitfalls such as UBIT/UDFI in leveraged non-corporate deals, multi-state filing costs for K-1 investors, and the importance of using a CPA experienced with real estate and passive loss rules, urging investors to ask sponsors detailed structural questions before investing.

00:00 Welcome and Overview

01:21 Capital Stack Basics

02:24 Debt vs Equity Taxes

04:24 Gross vs Net Returns

06:51 K-1s Depreciation Recapture

10:50 Syndication Fee Breakdown

14:48 Fees vs Waterfalls Promote

19:07 Sponsors Cant Give Tax Advice

22:07 IRA Investing UBIT Trap

24:50 Multi-State Filing Costs

28:33 Choosing the Right CPA

30:42 Wrap-Up Key Questions

34:10 Final Thanks and Sign-Off