Many syndications will have special days or events for investors to visit the property to see how things are running, see improvements, ask questions, etc.I invested in a syndication last year and have been invited to several events already, plus they give regular updates on improvements and performance.

Like @Corey Hawkinson pointed out a person can still utilize them, but with much updated adjustments and conditional variations.

Updated bathrooms, kitchen, flooring!

Needed a place so we bought this property, updated it, then moved out after 2 years.

Its renting for 1080 and it does need some rehab and updates. 

Some Lenders do cap by the Fannie Freddie cap of 10, but there are plenty of lenders out there that will not cap you as long as you are able to provide updates on your properties and have a relationship with them.

In the midterm rental community, it is regularly discussed how frequently people inquire about accessible properties, particularly in the highest end insurance placement niche where there is, indeed, a price premium on accessible properties.

This could mean  an updated lobby, hallways, a new resident lounge etc.

It costs about $2000 in Destin, FL for instance to convert a regular residential use to STR use permit if it's the first time the house being coverted for usage.

BP has been great for me :)An update here on the Morning Side duplexes we bought in Detroit.