I've sold over 80 homes personally in the last 30 months and I'm usually within $5k of the appraisal report when I run my CMA for clients.

If you and another person own a piece of real estate as tenants in common then you both own real estate. 

I realize this is an older post, but my family and I run a property management company.

I realize I am not cut out for the entire REI process of consistently finding multiple properties for particular exit strategies. 

Sub to us a bigger deal than most people realize.

Realize there will be a cost but also realize the value in a highly appreciated property in CA and the consequences of selling.  

And if in yr 4, you SELL, and reap the reward of $100k in appreciation, now your "realizing a gain" from the appreciation gains. 

Syndicators do this because most passive investors are not sophisticated enough to realize the "security" of the preferred return means they usually are giving up the potential for massive returns if the deal does well.This next comment would apply for all syndication.  

I dont know Nathan personally..

Matt that is the NMLS number for the company not for you personally  sounds like your a VA or something not a licensed lender..