Typically waterfall returns will also come with a lot of fees to the syndicator because they are not going to work for free. 

Direct mail works, but you typically need to hit them 3-5 times or be following up with cold calling.  

Job" typically means something you are paid a W2 salary for.

I typically don't like to try and "time the market" but it's good to have a sense of where the wind is blowing. 

They'll typically handle everything from leasing to maintenance to evictions which will allow you to devote more of your time to building capital and continue investing.

Since there is even less documentation to look at/review with this, pricing is a bit higher than your typical DSCR LTR/STR product, however, there are numerous ways you can structure the deal to make certain the #'s work for you.

Typically there are no more than a few of these hitting the MLS in my market in a month.  

From a tax perspective, having two members in an LLC will generally cause you to file a partnership tax return which is typically more expensive than if you were to go SMLLC route.

It's not typical the appraiser will admit they are wrong and bring it up.

Talk to the current owner to see how long the leases have been in place and the look up local laws to see what happens when the original lease ends (typically 1 year) and what happens if no end date is stated.