Most jurisdictions have adopted ABA Model Rule 7.3 which makes it an ethical violation.As for the reason some clients want CPA's who have real estate investments themselves, CPA's can be experts in all kinds of things but not in all things.

Joining as a LP in a Syndications felt the right opposite to what I want, at least right now in my position.

Post construction appraisals for this model are coming back at $377k.

I’m considering investing to also get experience, as this would be my first time participating as a LP.

These methods include:Detailed Engineering Cost ApproachDetailed Engineering Cost Estimate ApproachSurvey or Letter ApproachResidual Estimation ApproachSampling or Modeling ApproachExperience or “Rule of Thumb” ApproachFor further details on the methodologies, refer here.WHAT ARE THE BEST AND WORST PROPERTIES FOR COST SEGREGATION STUDIES?

I'm an LP in a Syndication where DLP is also involved. 

That is why I believe IMO that opendoor (old zillow flipping homes model) does not work.

This should give you an idea that your business model is outdated, and you lost your competitive advantage.

Quote from @Rud Sev: Hello,I am new to the world of syndication (LP investor) and want to understand how taxes at a high level for syndication as LP before asking individual specific questions to my CPA.Notably, I want to understand how preferred returns/cash flows are taxed, if at all, until the amount invested has been returned.

An engineering backed modeling study might be good for this type of property.