But I would confirm what they were doing in 2008, since I have heard some syndicators talk about "I started investing in real estate in 2004..." which, when you dive into it, they mean "I bought my first primary residence in 2004", which is vastly different than doing large scale investments.Regarding syndications, only accredited offerings, etc: I tend to disagree.  

As well, I would not recommend buying a cashflow negative property, or even breakeven for that matter, as there are lots of places to buy at positive cashflow - unless you have endless cash reserves and money is not a concern for you.

All in all, the city really looks down on Ellis Act evictions, who knows what other future legislation will affect you in doing that type of eviction.Note that if you do an owner move-in for the non-protected tenants, you'll only have to pay them around $6k per tenant (double check the city website to confirm).

Your reserves for repairs should be much higher than normal.Otherwise CS should be just about as strong as other markets in Texas I would expect although not sure how diversified the economy is. 

I keep hearing how people are cost segregating, but I have pushed my accountant numerous times on this and he just saying that if we did the cost seg, all of that depreciation would just go into a reserve that would then be applied when we sell the home. 

It seems that your association property manager is lacking.Normally what a CAM (community association manager) does (and there is some variety to di depending on the agreed role) is run the day to day affairs for the board while the board makes decision on reserves and budgets, choosing a vendor after getting several bids, etc... 

Make sure you're performing credit checks, background checks, verifying income (calling employers and even checking bank statement if you need to), and calling former landlords to inquire about/confirm their habits as a tenant (cleanliness, respect for neighbors, paying rent on time, etc.).If you don't think you're capable of this, definitely find a good property manager!

Since we were discussing bank statements, most lenders will want to see the ability to repay (in additional to having paid on time) and usually a minimum of 3-6-12 months of equivalent mortgage payments in reserves.

My dilemma is this: I would ideally like to wait until I have emergency cash reserves to cover 6 months of mortgage payments for all 3 properties.

Now that you are behind the bank has to put this as a liability on their books and have $400k cash set asideBanks only require 10% reserves typically so that $400k is stopping them from lending approx 3.6M in loans 3.6M at 7% is a big number and will lose a lot more from this than $10-$20k on your loan.