As with any investment of this nature, please consult your financial advisor, tax advisor, attorney and/or CPA for specific benefits and considerations.
As a Limited Partner, you actually own a percentage of the property. This ownerships provides several tax advantages. The IRS enables real estate investors to expense a portion of the purchase price and capital improvements made to the property through depreciation.
Additionally, when an investment property is sold and/or capital is returned, investors can often take advantage of a 1031 Exchange, further deferring taxes.