Of course you can never have control of the money and you must have your QI in parcel before your sale completes. . 

Is it because of state level controls?

Santarelli would have to be connected to, or own a controlling stake in REV.

But I assume the best syndications are the ones that aren't advertised and that you don't know about...I plan to stick to individual properties (high control, low liquidity) and REITs (low control, high liquidity). 

I think every market and every person have their own reasons, but here are some thoughts from a property manager.Pros for self managing / cons of PM- Keep all the revenue- You have 100% control- You own listing, photos, etc- Nobody will ever care about your investment as much as you do.Cons for self managing/ Pros for property management- This is a 24h / 7days a week business and I imagine you have at least somewhat of a life I imagine. 

There's lots of opportunities in developing neighborhoods, but also seems a bit saturated at the moment.Also, definitely budget security (remote control cameras, alarm system, etc.) for your properties, as there are a lot of people who occupy themselves by breaking into houses and stealing anything they can sell.Lastly, there are a ton of contractors looking for a quick buck.

And they remain owner and control the funding aspects.

got out of flipping to new construction in our market in columbus ohio. licensed general contractor. when interest rates got high single family existing went down by 30% new builds sold at a 6% increase that year which demonstrated the desire and premium that new construction commands. never looking back. total control, rinse and repeat. we can get permits in 28 days. we can buy land cash in 21 days. we can build in 120 days to 140 days and keep moving. super scalable and easy and no risk. we build the same 2-3 Floorplans 

I would also recommend paying attention to the landlord restrictions, rent control and overall laws as it relates to owner/tenant relationships.

•I’d also ask: Does this area have ongoing flood control improvements?