You are only really assessing based on CAP rate which tells me you are only looking online and assuming their CAPs are correct.

Is there an equity-based product that I could use to pay for that rehab, with the intent of doing a DSCR once it is rehabbed and rented?

After 30 days you catch them violating that and can take steps to evict based on that.

WREIN is in Texas and real estate is very local and different based on the state/area your'e in. 

@Ashish Acharya, @Nicholas Aiola, @Dave Foster, @David Orr, @Jason Watson, @Natalie Kolodij, @Bernard ReiszFriends, based on my prior failed attempts to address this issue offline, nobody really wanted to hold this hot potato in their hands.

Be sure to get an engineering-based cost segregation study done by a reputable company if you paid at least $250K for the property including land.

Last appraisal we got was $560k (*the reason the appraiser said it was so low was because there weren't enough similar houses sold to really base my home price off of).Upstairs is a duplex 4b, 2baBasement is 1b, 1baShared laundry roomMy wife and I live in the basement and tenants live above us. 

Just based on this number I would tell you it is a terrible market and Jason is completely inaccurate.

There are still things we don't know... like what the value of other properties like yours in the area are worth...but I will throw out a couple of thoughts for you.As to appraised value - many appraisers look at what the property is being sold for and base their appraisal around that number.  

And unfortunately, even when a syndicator is performing above projections, if the stock market comes down, that LP is likely going to stop investing based on asset allocation rules.