Baltimore has surely received it's share of negative press, but I think it is unfair to characterize the entire city as a bad place to invest.

The sector’s investment appeal was characterized by its solid market performance, with low vacancy rates and high rental collection rates.

The whole 2nd home thing really is a grey/fuzzy characterization that really isn't as black and white actually.Yes, some lenders will consider the rent schedule when calculating the DTI.  

Attorneys can disclose around risks provided you characterize them well, but that will not make your deal salable relative to competing alternatives the LPs have elsewhere.  

@Kurt Granroth that’s a great summation, but before you jump to a conclusion, you may have missed a subtle detail that completely changes the deal and renders your characterization of one of your above examples as incorrect.In the first PPM example that you gave, where your conclusion was that the class A investors and class B investors would equally lose, notice that the words “Preferred Unitholder” are capitalized.  

These gains are typically subject to lower tax rates compared to short-term capital gains.The characterization of these gains as "passive" depends on your level of involvement in managing the rental properties.

An annual and monthly mortgage insurance premium may be required and will vary depending on the loan characterization.

The real estate license does not mean a damn thing when it comes to Federal tax law and the characterization of the activity as passive or nonpassive.The down payment is 100% not immediately deductible.

Thus, a taxpayer with rental income now has an incentive to qualify as a real estate professional: characterizing rental income as nonpassive to avoid imposition of the surtax.Just do a search for "real estate professional status" to educate yourself. 

(I suspect this is because Mint is handicapped by how merchants' transactions are characterized, and even if you buy a TV and all your groceries at Walmart the transaction Mint will see does not break that out).