So, now a little of my new perspective being with a PM: you most likely don't have the skills or the bandwidth to do the underwriting/qualification of an applicant sufficiently to bring the risk of delinquency and/or eviction down to where your stomach can handle it. 

It's a lot easier to stomach multiple $25 increases than one big one.

My stomach started to churn by the 3rd photo... that's why i could never watch a full episode of hoarders.

More than any other business, deciding to invest in a real estate syndication is a declaration of faith in the deal sponsor.In many ways, that faith far outweighs the faith owners of Tesla shares must have in Elon Musk.And Musk is a one in a generation entrepreneurial genius inventor.Like many seasoned real estate investors,I decided long ago that wealth-building was a life-long game of patience and perseverance.On both counts,a real estate syndication fails the test.Most syndicated deals have a hold period of 3-7 years after which the exit strategy involves selling.The few that attempt to hold on to the asset via a refinance run into uncooperative investors who demand their seed capital back for various reasons,often resulting into a compromise to either buy them out or risk a legal battle.The facts of the matter are very basic:if it's not your deal,you don't make the big calls.Conversely,if it's not your money,you don't get to decide it's final destination.Now there's a good reason I never got into the flipping niche either.I'm not a transactional guy.It always felt like slaughtering the hen that lays my eggs,and I love my eggs to bits every time they are laid.It's why I keep going back to the hen.In the end,we don't need 1000 units to achieve financial freedom,we just need a handful of well acquired cash flowing assets to arrive at that place of peace.With some patience and due diligence,most people can get there without sleeping with 75 strangers every 3 years only to end up with no portfolio and a bagful of inflation susceptible cash with little to no tax advantages.That's where we did not want to be in the first place.If you do succumb to the temptation and end up being one of the few deal sponsors that actually look the part and take care of investors' money like it's yours,do make sure you haven't "quit" one job that you hate just to work in another that is even more soul-crushing.Managing multiple syndicated deals as a good deal sponsor can be big business,and big businesses can very easily turn into time-devouring leeches.Covid has shown us all we are nowhere near capable of seeing 3 months ahead,let alone 3 or 7 years.An asset is only really worth what the next buyer is willing to pay for it,no matter how much "forced appreciation" we have projected to investors in a rent drop environment.When balloon payments come due,thou shall sell or refinance,and good luck refinancing if the LTV is suddenly inverted.When the pieces suddenly don't fit the puzzle in front of us,the sinking feeling in the bottom of the stomach can be incredibly gut wrenching.Be careful.A voice in the wilderness,Jacksonville FL.

You can't stomach being part of one.  

Note the statements from pms in my previous post.And I am sure it can be profitable renting to financially challenged renters in memphis if you have the stomach for it, or as one wholesaler told me, buy enough of them as to diversify the risk.

I'm sure ill head back here for more insight when my stomach turns upside down just before I make an offer.

@Gerald Peters if i had not had the experience with the preparer up until two years ago, i would weigh in whole heartedly with your sentiment (H&R Block and then the most recent one really turned my stomach). 

We have managed multi's before but I would avoid them like the plague. tenant noise issues, bug issues that carry unit to unit, smoking and the list goes on and on.if you have the stomach to deal with that and live around it more power to you but small multi's I would never consider buying especially in this market. in my opinion, they are the very first to get rent corrected in a down market because they are not as desirable in my experience as a large polished multi until complex or sfh.

Davis, the home protection rounds will in all likelihood not kill per se' LADIES, aim for the crotch area-lower stomach.