They have a little higher gains (a lot more volatility) but a syndicator who is willing to put you in a deal with more than 10-20% of your net worth is asking for trouble.

But still. market is volatile so of course it forces me to review. 

Many successful PMs also buy and sell RE, with the brokerage side of the business being the actual money-maker and the PM side providing stability compared to the more volatile sales side but not really generating much profit, except as a feeder of leads to the brokerage side since the owners of the properties they manage are likely to use them to buy and sell (assuming they treat them well).

In a market with this much volatility cash is extremely relevant.

With the interest rates right being very high and volatile it is probably not the best time to get into multi-family.

The volatility isn't a problem here, but it also means that appreciation should not be most people's strategy of choice in this area (unless you have a higher risk tolerance) because you may have a little difficulty selling at your price point. 

Increasing market volatility and asset class specialization is driven by three things: 1) Consumer demand, and 2)Banker options, 3) Regulatory climate.  

Would not recommend with the volatility of the oil industry right now.TLDR = Texas market rocks!

Since your mother is about to retire, and it sounds like she will be living off the income, then the key thing to avoid is volatility. 

Condos are some of the most volatile pieces of real estate (at least in my area).