I would still do due diligence such as whole property inspection, lead inspection (depending on when the property was built), appraisal, etc. 

Here is NJ: https://www.njoag.gov/about/divisions-and-offices/office-of-...And then you could contact SEC Enforcement: https://www.sec.gov/submit-tip-or-complaintI have found that a carefully written letter to the Syndicator, alerting him that you are suspicious, will get you a quick refund . . . under certain conditions.

.- If you're handy, recommend buying a property in the worst condition you can tolerate.

The leads I'm getting for potential tenants are not the best.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

Safe rent after rehab is $900 per month, maybe higher if I get lucky and/or rehab it to a very nice condition.  

Very often they sound robotic and scripted and does not lead to hot leads or appointments. 

First, the stairs leading down to it would likely need to be replaced.

First month of leads and I have to laugh at some of these.

I too am an AHP, AHPS funder and looked into a preREO on their site offered for $19k which they provided a $90k BPO in current AS-IS condition.