In GA, you have to show the water company the code that new owners aren't responsible for past owners' bills before they drop it. 

You can separate the PM and contracting issue, but it looks like they aren't doing anything on either.

As a syndicator, I can say that raising capital has become much more challenging since 2022, so many deals have closed in the last two (2) years that aren't fully funded and that are continuing to raise capital after the closing.There's likely truth to the money being raised going towards reserves, which is a very important part of any syndication deal (running out of money is one of the big reasons why syndication deals don't go well). 

What are the snares or harder things to navigate that aren't so obvious when starting?

I was going to draft up one contract with each LLC as a separate "Owner" with the authorized representative for all, the actual owner, to sign the one contract for all legal entities, but they didn't like this and want to keep all documents separate.I gave them a VERY competitive price quote based on the total portfolio as 1 account with the total number of units.

No experience with Fairmount, but after a quick web search, they don't look any different than any other DSCR lender... which means they aren't special.Are you working with a broker? 

if there aren't any in your immediate area, drive until you get to one. 

A lot of the projects that are going on here aren't finished yet and new projects and developments are popping up all the time. 80 people are moving here every single week and 80 homes aren't being built, so demand is rising!

Personally, I don't mind co-signers IF your spidy senses aren't tingling in those open-ended conversations. 

Conventional loans typically aren't for rehab projects, but rather for ready-to-rent or light cosmetic upgrades.