Value add syndication deal

[M Shah]

Has anyone worked with Three Pillars Capital Group before?

How do you evaluate a value-add multi family syndication deal? What parameters to consider?

Does 8% preferred return, 70-30 split waterfall model, 20-22% IRR sound like a good deal?

The risk factors are very extensive and scary, is that more of a boilerplate or whether any red flag I should look for?