I would say you definitely need to add a vacancy cost I would also look more seriously at repairs/ capital expenditures for starters.

Syndications are interesting but the risks for someone new like myself and the amount of time my capital would be locked up isn't right for me at this point.

Without knowing your exact situation on time, energy, and capital it's hard to limit down to a market. 

It is shielding from taxes the eventual capital gain from disposition.

I have a little bit invested and have not lost any capital.

Purchase price + capital expenditures - land value = depreciable basis  

Sell home: ideally avoiding capital gains tax by living there for 2 of the last 5 years2.

Using a combination of capital from both Partner Driven and our trusted partner, Seth Choate, we funded the purchase and renovation efficiently.

I have a small real estate portfolio and a long investing horizon as I'm in my early 30s.Thoughts on why to stop 401k:- no match benefit- returns are very low avg. annual ~5.5% last 3 years net of fees- can only borrow up to 50k from 401k - limited access to capital until retirement age Thoughts on why it could be good to invest in ETFs or general securities example instead(SPY) :- higher returns 9% avg annual last 3 years net of fees - access to capital - securities backed line of credit (could be used as another form of liquidity to continue purchasing real estate) - long-term mitigated tax liability - if you never sell the underlying securities and instead use the line of credit as a form of liquidity to purchase assetsIt seems like this could be a long-term strategy with limited tax liability. 

I then want to have a virtual meeting with the GP who will actually be overseeing the daily operations.One of the projects is already stabilized and the GP is looking to sell; should have a significant amount of capital returned.