I'm thinking there could be similar situations with other home components.

Therefore if/when the market declines, we are still making returns through cash flow, and still forcing appreciation through value-add components.

Also, one of the most often overlooked components of a syndication is the reporting.

The surge also damaged a component in the furnace.The landlord when asked to replace the damaged items, said to call Oncor that Oncor would pay.Tenant called Oncor, spoke to the District Manager.

Otherwise known as Component Depreciation ;). 

All major components are needed.

@Matt EverlingThere is no guarantee on an appraisal, but there are key components in every project that will improve the value of a property.  

Sure, there are learning experiences, but those bridges ought to be crossed when you get to them.Since you're new with no experience, you should also spend some time learning the fundamentals of real estate valuation, assessing property so as to know the component parts of a property and perhaps some basics in rehabilitating homes.

Think about foundation, HVAC, electrical, plumbing, water heater, and all the other components that make up a house system, each of which has its own useful lifespan. 

Both of those type investments likely require a larger (work for yield) component.