First - you have to mention what the syndication will do as that will have an impact on how you get taxed.Given that this is a real estate forum, it is assumed that you are investing in a syndication that will invest in real estate.Most real estate syndications purchase real estate in year 1 and have a plan of selling / exiting in year 5 or 7.Often times, the sponsor will get a cost segregation study which increases the loss on the K-1 presented to the investor in year 1.This may be important as it almost guarantees that there will be no taxable income from the syndication from year 1 to the year before exit.If the syndication does well and exits at a price more than purchase, it may result in a taxable income. 

Did it positively impact your relationship with your tenants?

Do some scenarios to see the impact on your cashflow. 

Point is, (a) it's all but impossible for the investment to go to $0 and (b) you have direct, impactful CONTROL of outcome. 2nd: Back to the CONTROL aspect.

By moving mechanicals out of unit we now have reduced that impact to foot-print. 

The refi or additional debt of any kind will impact the current performance of your property I'm never a great fan of selling a good producing property - unless I am certain I can improve the overall performance of my portfolio. 

Also check if there are any boarding house regulations in your area that would impact you. 

Also, consider the impact on your liquidity—ensure you won’t need that cash elsewhere during the project.Off-Market Deals: These can offer better margins.

@Jeff SkinnerRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Thank you for sharing.Ironically, we have had the opposite impact from the poor management of IHA.