Dennis, if you take an opinion, (which, you didn't ask for) El Paso is an area famous for its  low-wages.

In Indianapolis and Kansas City where I'm active for instance, this would be a D class neighborhood.

Hi Rob,Are you saying Louisville needs 31,000 units to house (for instance) each housing a family of 4 earning $35,750?

For instance, Mecklenburg county just went through the property revaluation process. 

(famous last words - I know)

For instance, the median price in Williamson County is around $75,000 less than within the (Austin) city limits.

You may be building equity but if your cash flow is negative, for instance, you might not be able to keep up with payments,  or have money to pay yourself. 

For instance, he took out a $10K loan at a supply company for supplies on the house; however, he never paid them a dime (on NET 30 terms) throughout the project.

For instance in downtown Jersey City i would say it is starting to get saturated and they keep putting up more and more buildings.

For instance, if the syndication has a minimum of $400k, 4 people with $100k can get together and make a group investment.If all the investors in the 'sub-syndication' are at the minimum, then maybe it makes more sense to have them go straight to the syndication but work out a deal where you get equity or a fee as part of the fundraising process.