Brady,When I do my screening for new tenants I would weight the rental history the most.  

Quote from @Paul Azad: Beautiful property Blake, and great growing area, i drove through a few years ago, amazing scenerey and perrenial vacation spot, would you feel comfortable sharing the structure of the syndication for the investors, fees, projected IRR, or time weighted avg returns etc from a potential passive investor perspective?

Beside investing their own cash on the same terms, the sponsors return should be heavily weighted toward “carry” (receiving the bulk of their return as sponsor in the form of an interest in the property rather than cash) with that carry subordinate to the investors receiving their investment returns PLUS a minimum annualized return.

Given the size of portfolio needed that presses a need for it to be mostly A class assets to mitigate operational weight, so it could push closer to $80m in acquisitions. 

I'm weighted towards RE but I have been buying in the public markets recently (stocks, index funds, bonds, REITs, Master Limited Partnerships, Business Development Companies).

Not so much ;)So now investors are feeling the weight of dog properties…be it higher interest rates, non paying tenants, property values falling, government intervention (especially in CA), etc.

And personally I put way more weight on buying the right location as a buy and hold investor than saving some dollars on the front end. 

It's like only using weight to measure fitness.

To add more weight to your case, dig deeper into local records.

Her health is OK, but it's going to drop quickly if we don't find a way to get her active and lose some weight.