I talked to numerous California investors in real life and phone/Zoom calls who have lost money in far away OOS markets, mostly Midwest markets (e.g. repairs, capital expenses, bad tenants, properties vandalized while under renovation, evicted tenant stole all the appliances, property managers with high fees or overcharging for repairs).

Its byproducts include over five churches and numerous community-building activities whose effects are still felt today.

Within the last 2 months, I've been approached by numerous investors asking if I do rent by room which I currently do not.

I've seen numerous QI's fail during my 40 years in the business, and most of the failures would have been prevented had their been government oversight. 

I acknowledge I made numerous mistakes, but I do think I have a lot working to my advantage here.

Plus, building those relationships with contractors and suppliers while gathering numbers can lead to better deals down the road.

While I could elaborate on numerous other areas, these highlights should give you a good starting point for your investment journey in Cleveland.

But, I have used this strategy numerous times when time was much more important than money to a seller.

As you mentioned, it depends on numerous factors, with pay history being a big one.

Rud, Syndication deals (and crowdfunding deals which are essentially syndications that are allowed to market over the Internet) can be set up in numerous different ways.So there isn't going to be one single answer for this.To answer your question, I am not an accountant and you should always consult with your own tax accountant before making any investment decision.