They will also often carry very expensive interest rates and have other fees tacked on.

A D class neighborhood will carry a stigma with local residents.

Lastly, I make sure that we are double checking and doing proper due diligence - I walk the property and do an in-depth investor walkthrough for them, we do a home inspection, we have a licensed GC to walk and write up an itemized bid, etc.And to answer the last part of your question, one of the hottest markets is Columbus Ohio!

I have one I have drafted up but would love to compare against others.What are some items you always included in your MTR rental agreements?

I think the only immediate problem is if one were to get carried away and put too much money into their ADU and plan on selling soon.David thanks.

Punch List: Accounts for any punch list items involved. 

Ironically the invested capital is often very similar for either. because your either investing capital in # of locations to scale, or investing capital in higher quality ie higher cost assets and operational items. 

It's a riskier loan given you do not carry a social security, no US credit & no experience.Due to increased risk comes mitigation (Lower LTV & Higher Rates)

Will not yet be ready for window treatments as the renovation is still ongoing, and getting closer to time when itemized list of damages are to be furnished. 

Just so those newer to syndicating (like OP noted) are aware that there many flavors of syndicators, and that "who" is running a deal may not be who one thinks it is, depending on how the items are enumerated.