Right now there's huge concentration, but as this continues to build out and we see north of the high 30s GW by 10 years from now it'll be almost a requirement to keep some type of locality based risk assessment and to diversify. 

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

Typically, the tax is based on the assessed fair market value of the property at the time of the transfer, even if it’s not a traditional sale.

Is that a correct assessment?

I have not started, completed or participated in a syndication so tough to assess an ROI at this time.

My property tax base on my primary is somewhat reasonable but the total property tax goes up because of all the special assessments, some of which make no sense to me (and I didn't vote for those).

It's rarely talked about, it seems.I looked at some listing in the Research Triangle in North Carolina but the cash flow doesn't seem great, especially there could be a major assessed value/property tax increase as there was a lag of 4 years in NC.

Now there is some regional to mom and pop STNL tenants that can trade at higher cap rates such as 7 or more and then debt at 5.5 BUT you have to able able to assess risk such as lease guarantee, net worth of guarantor, disclosure of sales history for rent to health ratios etc. 

So depending on how much you pay for it, you can assess your cashflow.

I appreciate your honest assessment and perspective.