If your primary has a net $1M appreciation you’ll only pay $100k cap gains tax - that’s a lower alternative than what you propose.

@Parker Pattschulljust curious - what attracts you to syndications? 

Just musing ahead 10 years or so.With states now mandating the phase out of Gas/Deisel cars  How are MF owners going to attract and keep tenants that will now have EV's in the next 10 to 20 years ? 

What is the best alternative flooring that you would recommend? 

Many investors are attracted to lower price points but end up losing money because cheaper properties are higher risk (not good locations, rough tenants, lower quality construction, etc.). 

Alternatively, partnering with a reliable GC can help you scale without adding extra responsibilities.

They are going to be the cheaper alternative for SFR, so in theory you should get some decent appreciation gain and good tenant pool.3.

If you'd like to keep your investments in California, Sacramento is starting to look more attractive, especially since the market has seen an increase in tech jobs.

Alternatively have parent LLC that is registered in CA, but now you expose each LLC to the other.

Finally, I might be novice to alternative investments but to your point, I believe Norada just ran into an economics wall and lost its ability to meet obligations.