Leverage your existing equity to invest in smaller properties, such as a mixed-use or retail space, to gain experience and cash flow.

How big is the space they are renting? 

So my question is how can/should LPs verify the lip service GPs give on their experience and handling of this space? 

You definitely need a PM who specializes in the Section 8 space.

That will allow you to build the additional legal space further amplifying the value of the proprety (more HELOC money). 

Even with some people I believe are honest, I simply believe most do not properly analyze and manage risk, as is evident with nearly every syndication doing capital calls right now because they didnt properly plan for rising rates.Dave Van Horn however, along with his company PPR one of the few people I trust in the real estate space.

I think alleging fake it to you make it just hugely rampant in the MF syndication space..

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.

I found what seemed to be a great property with a house for an STR and other space that I could expand for camping/RV sites and a barn that could be converted into a venue for events. 

Your best bet is to ask for referrals from professionals in the space: realtors, other investors, this forum, FB groups, etc.