More than half of gripstrip/glue down failures happen after install where no roller was used at the end of the project.6) Improper spacing around obstructions - you can't install this without the manufacturer recommended gap. 

If sales prices in the local real estate market are increasing, as they are now in much of the country, there is less risk in taking on a project like this. 

I don't think appreciation gets that strong and I think your vacancies & maintenance will hurt you harder than projects.

I am not saying all smaller syndications are good places to park your money, and all larger syndications are bad but the smaller syndications who are in pursuit of the smaller checks are doing so because they are the only viable check writer for their projects, not the preferred check writer.

As of last week, our partner has given us $44,000 and additionally we have paid about $49,300 into this project.

Learning to manage the rehab project, scope of work, contractors, etc etc.

@Yixiong Pan, do you have experience managing rehab projects that are local to you?

Most rehabbers include only enough for initial demolition/cleanout, drywall scrap removal and end of project cleaning.

As my first project I would like to purchase the property out of the trust, maybe move into my newly formed LLC, and convert to a 2 family.

Like you I think I made my first investment in a true syndication when I was in my early 60s. the sponsor is what matters.. asset OK  but if the sponsor is not top notch I dont care how good the project is..