When you have enough saved that losing $25K will not be catastrophic and you have enough knowledge to evaluate the risks associated with a syndications, join a syndication that you have establish a relationship (so accredited investor or sophisticated investor is not required).  

HI Laurie,This one is going to be a balance of home sentiment, personal financial confidence based on your particular situation, and the choice of product.Choosing the right product will also be based on your perception of financial risk and your goals as well.A line or HELOC has its pros because you only pay interest if you use it which is nice because if you dont use it you dont pay anything other than the 0-75 dollar admin fee (most heloc’s have this and some dont just make sure to leave it on auto pay to avoid forgetting and incurring a late on your credit report).The downside with the HELOC is the insidious variable rate feature (margin + prime which is currently at 7% as of this writing).

I look for sophisticated value adds.  

It’s a sophisticated way of controlling the density of voucher holders.

Many sophisticated investors will only invest in deals that are in compliance with SEC Reg D, which will cost the sponsor $10,000 +, and in deals where sponsors have a significant amount of their own capital invested.  

This type of real estate is sophisticated (regardless of neighborhood class), high returns, and high risk.

If the amendment doesn't define a more sophisticated method in finding non-permitted houses, this will have little affect on the STR market in Austin. 

One thing I like is it gives me some exposure to syndicators I had not met before, some that are a little bigger and more sophisticated and been in business a lot longer than the ones I've met organically.   

that is always the perception of lower valued homes.

Perception is truly a major misperception of those who like to analyze wholesaling as a strategy.