My question is mainly around depreciation recapture (DR) after a syndicated deal is sold.  1031 isn't an option.  My marginal rate is less than 25% so it feels like I'm on the losing end of taking depreciation deducti...

As the market begins to soften up, interest rates rise and new inventory comes online CAP Rates will start rising again.

Tax on the payback of the loan in 2 years is the only drawback but the 10% at the end will soften the taxes you will pay.Make sure they have skin in the came also. 

Know your local water conditions and install a water softener if necessary.

I know where I am the market has softened considerably in the past six months.Thanks!

I even heard that Austin was thinking about softening the rules a bit.

There are plenty of people who do well in flipping, but there are a few reasons why this might not be the best option for you at the moment:- You can lose your shirt if you don't know what you're doing- You'll need enough capital to both buy the house and also fix it up- The market is starting to soften, so flips may not be as easy to sell as they would be in a very strong marketIf your goal is to start off with one property in 2019, one great option for you might be to combine the concepts of flipping and house-hacking. 

STL is a great market with room to grow even with the softening market trends [which of course are cyclical]

Knowing the market is softening soon and already starting in our area, should we change the strategy and try for a cash out refi on our home, pay off hard money lender, and shop for deals with cash?

See where prices are softening.