I mainly wanted to know if other investors in syndications were experiencing the same thing.  

There are two main ways to utilize this exemption.

In Colorado it is mainly an appreciation market. $450k-$500k Purchase price you will have a chance to cash flow a few hundred bucks in Colorado Springs but it won't be much. 

Mainly the Brokerage is for me just to sell the properties that we fix and flip and save the commission.

I'm fine with doing some minor fixes and improvements to a property: Adding overhead lighting/fans, better flooring, maybe redoing a main bathroom.

If I put myself in the shoes of the outside partner/investor friend, I would be very concerned because: 1) unclear and/or potentially conflicting business plan, 2) even with clarity in the BRRRR business plan, unclear in the viability of pulling it off with these market conditions, 3) the chances of dispute seems very high, especially if you're going to live in. 4 years ago, I went through a  similar thought process when purchasing an investing property with mainly my family money, while considering an outside investor to rehab for higher STR ROI... 

What are your main investment goals—cash flow, appreciation, or something else?

Hopefully this helps clear up the main point of your post!

Kansas City is the “Heart of America” a transportation hub in the center of the country with a small city feel and the big city attractions of art, culture, fine dining, and professional sports teams.

We had one where they wanted us to pay for the majority of the costs to replace 1 mile of sewer back to a larger main.