I can refute your reputation, I can refute you who you fundraise from, I cannot refute a truly quality deal.

Especially if prop 33 passes, you may be stuck with those low rents and be unable to claw back to market, even after vacancy.The unintended consequence of all the rent control they've been passing in SB & CA as a whole...it incentivizes landlords to increase the rent every year to avoid being stuck with a below market unit.  

Consequently, new homes in these locations start at $550,000.

I'd do that and I'd fire the PM and hire a reputable one. 

If you are working with a reputable company, then you buy the property, hold the property and look up 7-10 years down the road and have a home that has increased in value and a debt that has been reduced by your renter.   

If you do that, we will come after you.Syndicators - by all means, defend your reputation and set the record straight.

Also think about the tax consequences. 

Find a reputable real-estate coach.

Look at purchase HUDS, statement of work if it was a renovation and the sale HUD to make sure they made money on the deal.An organized and easy to navigate borrower's package.Security documents to collateralize the loan against real, tangible property.I also like to throw in some communication clauses with consequences for ghosting.Cheers!

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck.