@Dave Vona, there are a lot of challenges here in comparing the two.I have invested in SFR and syndications, granted syndcations only started about 4 yrs ago, where SFRs were 14 yrs ago.The biggest challenge in comparing these two, from a very technical aspect, is you are using syndicators 15-18% projections on value add properties (and the rent increases that can come with them) versus a more turnkey approach.So let's look at most syndicators in the value-add space and for completed deals:I would say, many groups hit roughly 25% IRRs for their LPs, often with a roughly 2-3 yr hold. 

Yes, the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy is still alive in Philadelphia, though some aspects have become more challenging in recent years due to shifts in market dynamics.If you’re considering BRRRR in Philadelphia, areas with recent or upcoming developments, like parts of West Philadelphia, Brewerytown, and sections of Northeast Philadelphia, can still present good opportunities, but base everything on section 8 rents to see if the DSCR and LTV makes sense

Of course there are many other aspects to the due diligence, including knowledge and inspection of the properties.

With respect to Tenant's back grounds, pets, rental history, job status etc etc we are always looking to learn but feel that aspect is strung and thorough.

- **Discuss the Property’s Unique Aspects**: Talk about what makes the property special and your appreciation for it, but gently introduce the reality of its market position.### 4.

I was more asking if there are aspects I am not considering or missing besides the obvious.   

The warrantability will come up more on the back end when it comes to refinancing or selling and the rehab aspect will impact you more immediately as it may cause you to adjust some of the work that you're looking to do on the property.

Someone correct me if i'm wrong but fair return is all encompassing and includes all conditions listed by @Paul Merriwether.

We are always looking for the best way to serve all aspects of our community.

Use this turnover as an opportunity to research and find a manager that can stabilize the property and take control of the situation so you can focus on other aspects of life.Remember: cheaper doesn't mean you'll make more money.Start by going to www.narpm.org to search their directory of managers.