Brett, managing syndications funded by other people's hard-earned capital is a serious responsibility and not a part-time job. 

To maximize its appeal, highlight rental performance, market it on investor-focused platforms, and consider selling before the academic year to attract buyers ready to capitalize on rental income.Good luck!

I'm hesitant to sit on investor capital with no where to deploy it, so we are just going to wait out the market and crank up the capital raise process when the timing is right. 

I'm also concerned older homes have already seen their biggest jump in capital appreciation and don't have as much potential for price growth compared to newer homes.What are your thoughts on older homes?

This is most of the depreciation you are taking year one.You can calculate your depreciation recapture by taking the sale price of the asset and subtracting the adjusted cost basis.The adjusted cost basis is what you paid for the asset plus any improvements you made along the way minus the depreciation you took along the way.The profit above this original cost is taxed as a capital gain, but the part linked to depreciation is taxed at a maximum rate of 25% under the unrecaptured gains of section 1250.To recap the tax rates are:- Sec. 1250 real property: 25%- Sec. 1245 property and 15 year 1250 property: Ordinary Tax RatesThere are ways to minimize depreciation recapture especially if you know how to work smart with your CPA.1) Asset Valuation at Time of Sale - Sellers can minimize recapture by reallocating the price of the assets on sale.

I have a pretty large emergency fund in place for those properties, but I wonder if that capital could be better employed elsewhere (potentially acquire another property).  

Over time, as you gain more experience and capital, you can consider expanding into multifamily properties once you've built up a solid foundation in real estate investing. 

@Emily Gowen so as you pointed out you would not have to do a 1031 exchange on your current home to avoid the capital gains tax and coupled with what Dave Foster pointed out I think, speaking from experience you would have a high likelihood of success. 

- If i Sell , as this was my 1st house and lived in 4 years, do i need to pay capital gain tax ?             

Contrary to most business lending, the REI industry has a lot of "non-bank" lenders that provide attractive loans that can lower your cost of capital and improve your profit/cash flow.