@Brian Burke said, " there are structures where the LP can be made completely whole while the syndicate suffers a 100% loss", wouldn't this have to be spelled out in the PPM/Operating Agreement?

*I spent $300 dollars for an editor to get the grammar and spelling right on this article.

A 14% CAP rate with inflated rents in a distant, unfamiliar market allows will spell trouble.

Have a written management agreement that clearly spells out all of the costs and fees and what they will do for those fees and how they plan to manage you property.My experience as an owner operator is that it usually take 70 or 80 units and above to comfortably afford FT staff.

Your agreement must spell out each partner's roles and responsibilities. 

You can do a percentage like @John Underwood mentions or just spell it out in a dollar amount or both - 'On June 2019, base rent will increase by 3% -($100/mo.) and the total amount due thereafter, including the month of June will be $X,XXX.'

Sure, we can all agree like @Anthony Dooley mentions that if they sign the agreement, they sign the agreement and they are 'locked' in for a full year's worth of payments regardless if they get evicted or not - that is true, they did know what they were getting involved with prior to signing your lease and should be responsible HOWEVER, just like real estate most outcomes in evictions are mostly local and completely left up to the decision of the judge, REGARDLESS of what your lease says - for instance if your lease spells out actions to be taken by the tenant which are against the law, your lease is void and you may even face legal consequences; or even if your lease is deemed 'fair' and 'lawful' it doesn't mean that a judge will choose to enforce it for you especially if it seems 'lopsided' - it's legal but, not enforceable. 

Because I rent on the extended stay market with leases less than a year, I actually spell out the latest move-out time in the lease.

People will flush all sorts of things down the toilet and expect you to pay for it unless it's spelled out in their lease.

Again, my assumption is it’s not necessary since it is spelled out in the statute.