First - you have to mention what the syndication will do as that will have an impact on how you get taxed.Given that this is a real estate forum, it is assumed that you are investing in a syndication that will invest in real estate.Most real estate syndications purchase real estate in year 1 and have a plan of selling / exiting in year 5 or 7.Often times, the sponsor will get a cost segregation study which increases the loss on the K-1 presented to the investor in year 1.This may be important as it almost guarantees that there will be no taxable income from the syndication from year 1 to the year before exit.If the syndication does well and exits at a price more than purchase, it may result in a taxable income. 

While you present a very interesting response (not accurate of course, but interesting)I'm not aware of a case where the judge dismissed the case because the defendant stated "I didn't know it was illegal"This is no longer for you.

Sheboygan I feel still presents some good opportunities. 

After 4weeks, they will present me with houses that I can purchase. 

The kindness and humor of the responses is comforting in a field where there is very little down time (currently as I get it established) and you all "get it".

So if the opening bid is 600k you need 600k in cashiers check typically I know out west here you cant bring a personal check I have beat others out when they thought they could just write a check and I presented my cashiers check. 

Do you really believe the lender snuck in terms knowing you, the "real estate savvy" one was not present"?

This would not necessarily be the case, or the spread could go the other way, though such motive could present one reason for conversion.I am not even sure if rent control gets eliminated through a possible condo conversion in most towns in Hudson County - West New York, for  base condominium rent > $1000, is one exception, it seems valuable to determine the others.

I think another idea is come up with some renderings and a slide deck and go make presentations at the closest senior centers, Rotary and other service clubs, maybe several nearby chambers and see what kind of interest there is. 

Should I present the expenses to all three tenants and ask them to cover the charges?