In 40+ years of investing, I have learned that the more complicated the investment the more likely it is to benefit the seller rather than the buyer. So I personally would not take a second look at a contraption like you describe.
I have also observed that people get enthralled with tax deductions and tax-free investments like muni bonds in a kind of religious way, disregarding the details of their tax situation and disregarding the fact the tax-favored investments always have a lower yield specifically because of the tax savings. Sorting this out is complicated and few seem to do it.
As far as a recommendation: If you are contemplating making a significant investment, like over 5% of your investable assets and well into five or six figures $$, you should hire a tax- and investment- savvy CPA for a few hours to review your entire tax situation to see if this investment is likely to be of any significant benefit to you on a net basis.
If your proposed investment is not significant, they just forget about it. It's unlikely to be a good deal and even if it was, the investment won't lift your boat enough to matter -- that's the definition of "insignificant."
