This is fairly common when people want anonymity.

Only thing better would be initial deposit and then paid in full upon Certificate of Occupancy and punchlist complete.Of course, standard items should also be checked: licensed, insured, willing and able to pull all required permits, reference checks.I would also commonly avoid the cheapest bid you get.  

The red flag for me was common sense.

One of the most common complaints I see on reviews is how the area, location, or house did not look like they thought it would or was promised.

And while that number varies somewhat, the most common number of different issues that minimizes risk is 21.  

I'm not sure if this is a local thing or if it's common in all markets.

Ideally, I'd like to find a balance between affordability and potential for appreciation.Also, are there any common pitfalls or things to watch out for when buying a multi-family property in Jersey City?

I recommend educating yourself as best you can to avoid some common mistakes.

@Rud Sev, I would ask the syndicators you are considering if they have any sample K-1s they have issued in the past to try to get a general idea of how they treat their common taxable items.There are a few things that are likely needed to be outlined:Your capital account balance for the investment, i.e. how much money the syndicator is saying you have outstanding at any time and used to calculate preferred returns, can vary from your taxable capital balance shown on K-1.  

Rent on a 4 bedroom place may be $5000 monthly ($12,000 in Manhattan); rent it by the bedroom for $1500 per bedroom with access to all common areas.