Non-Starter
I did a cursory review of a tenant in common deal yesterday (yes there are still some available).  This deal acquired the property last summer and is still raising equity.  The property's underlying operations have deteriorated over the past year.  The deal's sponsor felt it had a great buy, which may have been true when the property was acquired, but based on current operations I am figuring a cap rate to TIC investors of less than 5%.  Most of the distribution is being paid from reserves.   Why? Why? WHY? 

This deal has legacy economics (low cap rate, negative leverage (cap rate less than mortgage rate) and supplemented distribution) in a non-legacy world.   Paying the taxes makes sense over investing in this deal.

There are other tenant in common deals raising equity that acquired their properties before September 2008.  Talk about legacy deals.