@Adam OrtizRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Staying involved in a business partnership while dissolving the marriage will rarely work.If you split the properties, I recommend hiring a good property manager.

My advice to you is that syndications involve more layers of what I would call "Middle Management" - which takes money (profits you might call them) to fund.  

Changes to local landlord/tenant laws and new situations involving tenants lead to these annual updates.

Prioritize your financial stability.

Austin did get over-supplied following the pandemic and may take a year or two to get back to stabilization.

I never go off of a flat percentage on anything, I analyze the costs to get to a specific return I target and analyze the risk that is involved. 70% may be an initial metric to see if it is even worth pursuing, but every deal should be evaluated independently based on costs, time and risk involved.

While both involve finding and properly securing a site and bringing it to full entitlement, the ground-up process includes the land piece but gets way more involved and complex to execute.The full "Monty" for ground-up development needs to include financial literacy, an explanation of metrics, and how they work.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

My process involves two steps.