I am NOT an expert on this but this is how my CPA and other money people have explained it to me;
IRC 469c7
YOU have to manage the units. YOU have to be the active investor. You can hire out the grunt work but you can not use a management company.
Interest, depreciation, etc etc are all deductable. Interest is the biggie. If you use a management company you can deduct the interest. Then its just depreciation, upkeep, vacants etc.

Seems to me that a TIC is bascially a management company and thus would disallow the use of this IRS deduction.

Again, I reserve the right to be wrong about my understanding....