If you are going into MF make sure you have a lot of cash sitting on the sidelines for maintenance and repairs.

Their target audience are professionals with cash don't don't have the time or desire to become educated and are willing to pay/forgo some revenue for a experienced investment relations firm. 

I am still personally buying rentals but I am not expecting much in the way of cash flow at the moment.

The sponsor is likely suggesting that your monthly cash-flow will be shielded by depreciation and you will likely see your 'tax hit' when the syndication disolves which in industry standards is likely 5 to 7 years.

Any amount you purchase less than you sell, or any amount of cash you take out is considered to be profit. 

If you own (2) properties free and clear you could simply do a cash out refinance. 

but it's not a mailbox money / cash flow situation.

Those are the only numbers that matter.I assume they're offering you Actual Cash Value when you're used to having Replacement Cost. 

So either you pay for the repair out of the idle cash in your account, file an insurance claim and use those funds, or rollover/transfer funds from another retirement account to cover the cost. 

Save your hard earned cash for down payments and repairs.