@Dennis McNeely - my concern with getting a soils study is if it shows there's something really wrong with the soil, such as expansive soil, I would have to disclose that fact when I go to sell the property. 

I'm new here and I have spent a couple of years studying real estate investing strategies.

3 separate recent studies show it is currently cheaper to rent than own in virtually every large market and that it has never been more so than currently.  

College used to be a lot more affordable, I studied in Europe (where college is free) and it blows my mind to see kids with 200k student loan debt trying to get ahead on a 50k job.The housing market has started to drift apart geographically.

Tough environment to focus on studies. 

Have you completed a geotechnical study & are the soils good?

I’m studying to get licensed soon.

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. 

But I recommend you study it much more extensively before diving in. 

Maybe I need to study your story a little closer and figure out how to get myself into that same spot...