This area has granite close to the surface so I would include a hard dig clause also.

At the time, it was stuck in the 70's with wallpaper on every wall and to date, we have touched every surface of the house floor to ceiling in just under 7 months.  

On the surface this looks a bit week, but then again we are missing a bunch of information.Here are the red flags thus farIf it's a true NNN then there will be no expensesCap Rate is too low based on the lease term and current Market Financing.Bank won't lend you the money with those short term leases unless you put a lot of money down or get recommitments on some of those leases.  

Scientifically, when paint is applied to a sharp edge, the law of surface tension pulls the coating to either side leaving an extremely thin/ non- existent coating on the sharp edge, often right where hands are placed.

On the surface, it looks like a good deal. 

However, in just scratching the surfaces, this looks to be highly complex, with lots of legalities involved and outside my novice knowledge & price range.

The first phase could be money to develop the land surface(horizontal phase), and then the  second could be money for the putting up the building.

@Alejandro Ferrer when it comes to the taxes part of it, you should really dig in deeper than the surface level.

It's a common misconception that syndicated deals are only for accredited investors, but that's just the tip of the iceberg you are seeing above the surface that are mass-marketing their deal therefore it must be done as an Accredited only 506C offering.

Antonio,Yes - there are more bad deals than good deals.Having said that, you also need to look beneath the surface to see if you can find the good in "seemingly bad deals".For example...1.