In most cases, you are correct in that you need to submit documents to the tenant within 21 days of them vacating the property, but there is a clause in sub-section (g) that states you must provide an itemized breakdown of all charges against a tenant's security deposit:"(g) (1) No later than 21 calendar days after the tenant has vacated the premises ... or not earlier than 60 calendar days prior to the expiration of a fixed-term lease..."

These are the big ticket items that will significantly impact cash flow. 

Just food for thought: What would happen if you bought an investment property for 200K which cash flowed $500/mo. with an ROI of 17% (just an example) and the month after you bought it the value dropped to 150K?

There are openings in the upper west exterior walls where electrical conduit was removed.10.The stucco in these areas has not been repaired to prevent moisture penetration and deterioration.11.The front unit has issues flushing the toilet, which was confirmed with a tenant, so camera scoping of the drain pipes was performed that revealed damages and blockages in the pipes.12.Deferred maintenance on multiple items: cracks around windows and pipes, gas pipes are not supported, pilot lights in heater units were not lit, a water heater unit has no ventilation.I hired a plumber to scope the pipes (please see his report in the invoice attached and photos); a roofing company was hired to assess the damage to the roof above the middle unit only (please see proposed work sheet); a general contractor has inspected the settlement of the wall in the second unit due to the damaged frame.

Can't beat the food regardless. :-)

Now, you didn't mention CAPEX (expensive items such as roof, HVAC, hot water heater, etc.). 

So if you're kind of on the fence for this idea and could be nudged either way, that's food for thought. :)

Hi David, thank you for this it is an interesting read and there is lots of good food for thought.But for me I am not a fan of Syndication, (yet) and I do believe that the main reason for this is the lack of direct control I end up having.I have ventured into Partnerships over the years and with the exception of the one I have with my wife, none of them worked well for me, I understand this is more than likely a result of my approach to them, so I am confident that I can make it work, to me its a matter of finding the right place, and after a lot of conversations about Memphis I have decided this is not where I want my first Large Apartment purchase to be.I am now going to expand my search into Texas and possibly other surrounding states to see what can be found.

It's a great location for commercial suites, CVS, or fast food restaurant.

My mortgage to income (>40 of my income was going to my mortgage) would leave very little room for fun items or unexpected expenses.