Real estate syndication investing is still quite valuable as it can offer higher Returns than investing in public REITs but not as high returns as direct ownership and management of real estate by some experienced people, but with the benefit of being far more passive, than direct ownership/management. 

The high HOA fee is already a factor, so ensure you’re comfortable with the overall carrying costs.Focus on the Land Value: Since the lot has development potential, you’re looking at this as a long-term investment.

Just be sure they have a strong plan in place to market your properties quickly and that you thoroughly vet their tenant screening process to ensure minimal vacancy and high-quality tenants.Ultimately, finding the right PM should make your life easier, not harder.

Op ex ratio may end up being more like 45% or perhaps 40% with newer high quality construction.

It could very well be its all lost but seems like a big jump to conclusions by investors that basically did very high interest rate investing and expected  CD like performance..

And a high in high season!

Also, there is a need in the marketplace for a co-living PM company that doesn't charge too high of rate. 

Is there a limit to how high I can go? 

The seller is highly motivated to sell and has already knocked their price down 6% since listing it 4 months ago.

The good news is that it will still serve as a house hack when we move, as there are multiple units on the property.Our concern is that it is in a high fire prone area.