If you aren't doing this with an LLC or other company, then the money is "still all yours" - you can freely do as you please with those funds (once the rents accrue enough for you to have a comfort level).I would suggest you contact a good accountant (CPA) knowledgeable in real estate matters to assist you with starting up your accounting system for this rental.

No one would lend, not even with the signed AOS and 300k down…It was insane, would have broke had Covid not doubled the cost of rent for my rentals.

The basement level is partially finished and we would like to add 2-3 units in there.

But to me, if you can't point to a specific numerical level and say that such a level is dangerously highly and inherently risky, then I can't help but worry for that person.

Above that Pref level, I know the syndicator and I will have a split on the cash flow.

The idea that you should reward good tenants by keeping the rent at the current level is outdated IMO and leads to weird landlord/tenant dynamics.

With rates at this level I an not sure places will cash flow at 80% loan value. 

It's definitely not more than 8 hours per month to manage this from a high level.  I

You can not deduct the down paymentYou can deduct any costs you incur to upkeep the property(Repairs, insurance, taxes, depreciaiton, etc)Whether you can offset the rental loss against other forms of income depends on whether the property is considered active or what your income level is.

At your age and income level, I would suggest looking into new construction long term rentals.