You mention market appreciation is good for a $100k home - throw away the last four years and what was the appreciation from 2012-2019 - that is what you should be looking at.I saw this with people in shenandoah va raving about how appreciation is awsome etc (during covid) - of course it was everywhere was appreciating, but now that we are back to a more normal economy -- I would not look at the past few years appreciation and look back to prior to see if it truly is an appreciating area.

IF you have a recorded mortgage and it was a normal sale handled by a title company and the buyer wanted title insurance then you would have had to be paid off and signed a mortgage release or a reconveyance deed.One way or the other if you want some constructive help you need to clarify what you actually did..

There are many ways to skin a cat in syndication.  

For jobs that I do for normal customers (not investors) I will have 20% cost plus on total price of construction from day 1 of clearing trees, prepping land, to CO.  

Some folks have gotten used to low quality landlords that don't fix things and think that is normal.  

In the inner City those neighborhoods tend to be densely populated with residents who own their homes and when there is a vacancy the home is normally purchased and flipped by investors watching the MLS like a hawk. 

Does the sponsor have skin in the game?

The teacher did try and have us study balancing a check book and calculate interest rates but the class was meant for kids who couldn't pass normal high school math.

You can normally work smarter not harder simply by investing in better real estate.The last thing I will add is the notion of cash flow and BRRRR being dual objectives.

and you can find an almost unlimited variation on risk ( from low to high leverage, both floating and fixed rate debt, from no to high skin in the game, etc).