I understand I will need to pull a permit to add shower area in the third bathroom but would a permit be required for the three additional rooms, especially given I will not be adding any new sq ft to the property?

Even someone like Brandon Turner is less and less involved in his syndications, so there's an increased risk that his syndications will not be run with his original values in place.

I suspect you spoke to bank employees who weren’t in their commercial lending division and didn’t understand your borrowing request. 

Because obviously there was no skill or courage involved, and houses will definately be cheaper in 20 years. 

Quote from @Rud Sev: Hello,I am new to the world of syndication (LP investor) and want to understand how taxes at a high level for syndication as LP before asking individual specific questions to my CPA.Notably, I want to understand how preferred returns/cash flows are taxed, if at all, until the amount invested has been returned.

However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

To plan investment and future rental goals in Albany, research market trends, explore financing options, understand landlord-tenant laws, manage property early, budget for maintenance, and connect with local investors.

Will they have trouble making the payments to you while also having enough money to keep up with the maintenance and repairs/ tenant issues/ all the expenses involved with owning the property?

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I have a few (legal) marketing ideas I haven't seen any other wholesalers use just yet that I think will help give me an upper-hand making it a win-win-win for all involved, but I'm glad we're on the same page because I want to do this right.