The LP got it from a friend who is in some kind of real estate mentoring program.

Look at their marketing strategy.

You picked a great community to join.. have you checked out local comps to gauge the market vibe yet?

The equation shouldn't be PP = Market Price - cost to repair foundation, it should be PP = Market Price - cost to repair - discount for taking on the risk.

This is more common in today's market and often allows the seller to get a higher sale price than if you were to go through a bank/SBA loan.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

I furnish about 80% of my properties off of facebook market place and places like that. 

Remember syndicators are marketers first and operators (sometimes) a distant second. 

I hear there's a recent case in Federal Court where an investor was found NOT GUILTY of violating anti spam laws because his text was asking to BUY a property, which isn't sales (which is what marketing is). 

I have a lot of good information on the KC multifamily market that I can send you.