Thanks for pointing out that important possibility -- I'll scale back my down payment strategy accordingly.Despite having driven through Sacramento a number of times, the only rental information that I'm familiar with is from browsing Craigslist listings and Zillow -- I haven't heard anything straight from the horse's mouth yet. 

While the deal itself is important, in syndications you are primarily betting "on the jockey and not the horse", so to say. 

Jon makes a very good point, don't put the cart before the horse.

Now an old saying that has stuck with me from coach Bill Parcels on horse betting.

Don't want to put the cart before the horse.

If you follow the Realtor's advice (remember, he wants a sale) you need to make your offer subject to acceptable terms, otherwise you'll have a contract to buy at what ever the selkler wants to give you an backing out could cost you your down/earnest money or even a larger amount under the default provisions.You can also make the offer with better loan terms than you would actually accept and horse trade from there.

@Jesse Carlson get back on the horse.

I know you don't want to look like you're looking a gift horse in the mouth, but you really need to.

You might just be putting your horse before your carriage (or however that saying goes)

Therefore, the Debt Service is a NON-Operating Expense which then is reflected in the cash flow.Anyway, I think I beat this horse to death.It's not the Property that Cash Flows, it's the Investor that Makes the property cash flow.Something to think about.