Risky too compared to just holding stocks or bonds.I'm not even worth that much money so I have to ask the more experienced and successful investors on this forum: what keeps you going?

AS noted we have two small positions and communication is very good reports are on time K 1s are on time.. of course we will see how it all ends up .. but for day to day operations compared to the horror stories you are hearing about other syndicators they are doing very well.Thanks!

Commercial properties can be lucrative, but the financing/underwriting required from lenders is generally more "conservative" relative to residential and usually have higher interest rates (unless you have a "rock star", long-term commercial tenant in place) and generally require more equity from the borrower compared to residential.

Need to be sure you include the "unknown budget" and never take the optimistic approach as it is better to have money left at the end than writing more and more checks that were unplanned for.Again, if you can walk through an actual property and compare notes with someone that does it in your area (key factor), you will be way ahead of what a generic book can give you.

Cost of Borrowing: Compare the interest rates and fees associated with a HELOC or cash-out refinance to the hard money loans you’ve been using.

I usually run several CMAs, with different criterial, and of course compare tax appraisal value with a wholesale price, add 5% as a fee to a transaction, in some cases.

its cheap  compared to what you get I found a strict foreclosure in Oregon that their site was on the only one tracking it and we made over 300k on that one deal. 

Are there areas/cities more open to multifamily rezoning compared to others?

Quote from @Holly Barrett: So I'm comparing them w/Foremost on our Short Term Rentals, the quotes are $500-$1000 less than I am currently paying for each property per year.

Ensure your flip profits exceed the LOC costs, maintain a financial buffer, and compare it to private or hard money loans.