Actually in Lake placid.

Make sure the seller is giving you actual income and expenses and not pro formas. 

I actually just closed on a duplex that cash flows $700 after expenses in Austin using an FHA.

I did actually check on the parking regulations, and between the existing parking, available street parking, and proximity to public transit it is way beyond requirements there.The set back thing I'll definitely need to check on. 

Remember, even though you might have $0 cash flow (or negative) you need to remember that you are actually getting the cash flow for your side too.

My tenants are telling me that out rental, which is actually the house me and my family use to live in is haunted.

The pitch deck will also get crafted alongside in anticipation for any investors that want to give a nobody like me a chance.I was thinking that with my lack of a track record, I can hopefully make up for that with presenting an actual deal rather than a fund's unknown future for example, as well as credible firms crafting the financials, PPM, and due diligence documents. 

A property with no room for improvement might actually be less attractive to a buyer, because there is no upside.Also, with a syndication, you'll have investors who trust you with their money for 5-7 years, but not for 20 or 30.

I get my house, fix her up, get a tenant, and then go to REFI...how would the “cash out” portion actually work in his case?

Reasons why:- modeling monthly returns is a major PITA i.e. high level of technical competence required- inter-year volatility including cash shortfalls is masked with annual only returns- in a live deal, you will always run into issues with reporting i.e. how do you compare forecast #s with actual #s.