Given the size of portfolio needed that presses a need for it to be mostly A class assets to mitigate operational weight, so it could push closer to $80m in acquisitions. 

There are pros and cons but i believe for most properties the cons out weight the pros.  

Not so much ;)So now investors are feeling the weight of dog properties…be it higher interest rates, non paying tenants, property values falling, government intervention (especially in CA), etc.

Brady,When I do my screening for new tenants I would weight the rental history the most.  

You'll be tagging transactions throughout the year with categories that fit the Schedule E so when tax time comes (if you stay on top of it) every deposit and expenditure will already be categorized and it's quick to create the Schedule E and/or run P&L reports any time you need to.

Are you in the OMG or luxe category?

Quote from @Paul Azad: Beautiful property Blake, and great growing area, i drove through a few years ago, amazing scenerey and perrenial vacation spot, would you feel comfortable sharing the structure of the syndication for the investors, fees, projected IRR, or time weighted avg returns etc from a potential passive investor perspective?

Utilities fall into this category.

Most of the investors in my properties would fall into this category.  

And personally I put way more weight on buying the right location as a buy and hold investor than saving some dollars on the front end.