I am new to the community, working on acquiring my first small multi family property, likely through syndication depending on the scale of the property and associated costs.

When you break down the numbers by individual properties using the first purchased property as a templated for the additional properties purchased however, you will notice that the numbers being used in the example are not scaling correctly.It took me some time to figure out why the numbers were not scaling and adding up correctly but I finally believe I at least partially figured out why the numbers didn’t add up.By the end of year 3 the 3 properties are owned for the following lengths of time and reflect the correct numbers associated with that length of ownership (loan balance, equity, property value, etc).Property A - owned 3 yearsProperty B - owned 1 yearProperty C - owned 0 years, it will be purchased at the start of year 4But by the end of year 4 the properties should reflect the following years of ownership with their respective numbers associated with the years of ownership (loan balance, equity, property value, etc).Property A - owned 4 yearsProperty B - owned 2 yearsProperty C - owned 1 yearHowever the summary total numbers that were provided in the book for all 3 properties at the end of year 4 did not add up correctly.

I suggest focusing on your business and scaling that as much as possible before investing in real estate.

These are usually used to fund  mergers, acquisitions, etc. in the $10-100s+ million in value, with 100-1000s of SOPHISTICATED or institutional investors buying fractionalized interests. 

Areas that are on their own have some scale for the future as all areas of Florida are always touristy.

We do the same thing as @Chris Seveney, just on a smaller scale.

LT buy-n-holds are not for wealth creation, not at any form or function of scale. 

Residential investing will teach you what you need to know, scaled down, as far as running a business and numbers go. 

Scale comes down to just a few items which I can tell you for free right here.1. 

If you know the game and are scaling up, I would go straight to a 4/5 bedroom. 2 and especially 3 bedroom homes are the doldrums in most markets.