Example all 23 units A/C's are the same age and will be hitting the end of the life cycle in a few years.

Maturity - the loan pools we have purchased and advised on have had target life cycles of 36 months or less.

That year of building is probably running galvanized pipe from the water meter at the street sidewalk to the building.Those usually rust internally and start leaking underground.To replace that line with copper can be very expensive especially if the line runs under the parking lot.You would need to cut up the road,take out the line,put the new copper line in,and then fix the road.This can cost tens of thousands to over a hundred thousand depending on length of the run to fix.I would be concerned with a building of that age with hidden problems discovered once the current tenants leave doing TI.Could have asbestos,roof problems,sewer problems with the cast iron system,lead paint,etc.With retail buildings usually have a life cycle of 30 years so they are usually torn down and regenerated instead of a 50's vintage still standing.Regardless if it is a great location and not a dying part of the old town where the growth has moved then eventually a developer would be interested in partnering with you and building new or buying from you outright.You have to really look at these types of deals from all angles and work with someone looking out for your success.Not someone wanting to just "sell you something".I view instead of selling people on things to get one off commissions to instead help them make long term sound purchases.If one is successful then it stands to reason a relationship will be formed and they will buy more off of that success.If a broker/agent sticks someone in a bad deal then later business from them and referrals will be non-existent.Some of these brokers only representing corporations as sellers do not care about the buyers or if they buy right.This might could be a good deal for you.Just think of the multiple exits as much as you do about the purchase.

I assume it's all original which means the roof is probably at the end of it's life cycle.

The security which likely owns the asset probably has another 20 years left in its life cycle.  

However, I fear that as the numbers grow, we will need better organization and more efficient structures to perform all the tasks in the life cycle of a rental property.

But vultures are an important part of the life cycle.

Contrary to the name, it's not just about developing buildings, but acquisition through disposal so the whole life cycle of an investment.  

In reference to the septic tank, it is EXTREMELY important to keep in mind that it has a life cycle of about 10 years, aspacially if there is only one servicing both units.  

When the sale of an asset yields high returns, a straight split distributes more money to limited partners and a waterfall structure distributes more money to the general partners.Using Your Investing Goals to Determine Which Real Estate Syndication Structure is Best for YouIf your personal investing goals are centered toward ongoing passive income, a deal with a preferred return (waterfall structure) might better suit your needs because greater cash flow distributions throughout the project lifecycle are likely.