@Jack Mi: my first impression is anyone that is buying a deal at a 4.5% going-in cap rate with 7% interest rate is anything by conservative.Now, there are so many details missing that it is impossible to give any true thoughts.The things I like:No up front fees, so less motivation to simply transact10% Co-invest is pretty good80/20 (assuming there is no second hurdle) is fairly good.Things that give me pause, based on what is actually presented:Going-in cap rate is very slim.  

I have funded 7 deals for this Partner like I said since Feb he will make about 200k that he could no way have made without a TRUE capital partner.. a traditional HML simply cannot do what we do..

But figuring out your strategy whether its LTR, MTR, or STR I would focus on proximity to the university and other attractions of Waco, as they say... location, location, location, it's still very true. 

If it seems to be good to be true, it is. 

It's likely to keep getting eliminated in areas and while a good business for true business people who care about the people, 99 percent are just out for a small check and fail fast.

This is true regardless of whether the property is in an Opportunity Zone or not, as the Opportunity Zone benefits don’t exempt you from depreciation recapture.

Naming ONE case of what you're saying is true doesn't prove it's correct.

I’m also a dog lover and mom to a beautiful Yorkie boy who brings me so much joy.I’m a lifelong learner who loves reading, exploring new ideas, and being part of communities that bring out the best in me.

So all the things stopping you in single family are still true in multi syndications as well.Mortgage rates don't make sense for many or even most deals, but coming down some, so more deals will pencil. 

You could still potentially qualify for FHA 3.5% down, but if you are looking for true Fannie/Freddie financing then those are the guidelines they set.