Was he really involved in your deals?

As far as the sale of a property with a mortgage on it, that all gets sorted out at close. ie, you bring your money, the bank gets what they have coming, the realtor gets what they have coming (if there's one involved) and the seller gets the rest.

•KISS – Keep it simple stupid•Low risk as each unit is a small % of investable capital•Downside protection if properties are purchased in areas where they can be sold as residential homes. 

Nicholas, When vetting a syndication, every investor will do it differently because every investor has a different risk tolerance, comes from a different financial situation and has different financial goals.

It's a balance of cashflow and wealth accumulation.One of the goals is to have tenants pay as much of your cost-of-ownership as possible (loans, taxes, insurance, etc.)In high-cost areas, any Class A or B property you buy will usually negative cashflow for the first 3-5 years, until rents rise enough to cover the negative cashflow + rising taxes & insurance.Investing OOS increases your risks because you may not know the market and you can't check on everything/everyone all the time.If you move forward with your buddies, HIGHLY recommend creating a solid Partnership Agreement!

We don't have any significant storms, floods, earthquake, wild fire or hurricane risks, which keeps insurance cost affordable.

The other quesiton i have is if private equity is starting to get involved in this market, companies like Apollo & Carlyle, does that change your feelings about getting involved in the space?

These rules have increased risks by making it difficult to get rid of poor tenants that pay their rent.

I know i personally wont build anything with adjoining walls as the long term liability is to much risk for me.

There are risks relying on a single OTA; too risky for my liking.