Most of the time everything goes smoothly, and that gives the posters above the illusion of control.

That is the problem with Syndications, you have no control over the Syndicator, who may suddenly need cash for some other mistake he needs, and he sets out to create mischief.  

Even during the crazy pandemic year that saw other markets go up 15%, DC was steady at just above its average at 7%  4.99% is quite precise.

Purchase price: $850,000 Cash invested: $3,200,000 Want to see what buying an old abandoned grocery store for $850k, and converting it to a Class A climate controlled self storage facility wirth $13.5 million looks like?

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

You’ll have control of the asset and whether there’s an option or not you’ll be first in line to buy. 

What are you doing to counter attempts for Rent Control, excess tenant rights, etc.?

There are many neighborhoods in Houston that score in the 70s and up on AirDNA, so it is a good market, but you need to be precise about where you're looking.2 - the submarkets within houston that perform well for STR are nowhere near your price point. continue saving or choose a cheaper market. you're looking at the fourth largest city in the US, and the biggest city in the most moved-to state in the union.

Fund the property with good a good loan and/or use options to control so they benefit, which is not hard.

It is really hard to make money in a location with high overhead and where you cannot control your own property.As to where you should invest, it should be determined by your financial goal.