Active real estate investors who can't get comfortable not being in the driver's seat, people who just don't like real estate as an investment, those who can't get comfortable with the risks, those who just don't understand syndicate investments, those who have heard bad things about this type of investing from others, and people who have invested in syndicates and experienced bad results.

Even including modest appreciation and equity pay down, the ROI is between 7% and 12% for a non passive holding (not good for an active holding)I can easily afford this level of negative, but do I want to?

Regarding your second question, are you asking if those activities help meet the IRS material participation tests or qualify you as a real estate professional?

I would bet there are several around where you are.

This property I previously modeled is now active for $1.789M, if you check the model I was at $1.75M.

Be prepared to start a lawsuit.2) File a complaint with state's Board of Realtors3) File a complaint with state's Attorney General's officeSince these are unlikely to be permanent solutions, you'll also want to start searching for another PMC.Recommend you speak with @Russell Brazil Thanks for the tag.Property Management is not a licensed activity in the state of Maryland.

Active real estate investing doesn’t seem to float my boat.

It seems like investors strongly bet on appreciation here which I dislike.

My total expense ratio on each property I own ranges anywhere from 40%-50% annually, but I also self-manage and am not a slumlord (I am pro-active with maintenance, not reactive).

I agree we are quite active in the space.