You need answers before you can calculate the return. 

That backs out to 10-15% cash on cash return in most cases.

By "Tax Loss" I mean that it is likely that without depreciation your property is cash flow positive.If you Materially Participate in the management of your portfolio of rental properties, that loss will be treated as Non-passive, and will flow through to page one of your Form 1040 tax return.  

In many markets section 8 is higher than market rate. and investors need that extra return to mitigate the risk of sec 8 tenants generally speaking.

Absolutely you can, I rolled over my IRA into a fund making double-digit returns. 

Many syndications offer an 8-10% return on investment.  

It looks like a great idea on the surface but the numbers don't stack up from a risk/return point of view as far as I'm concerned (it could be different for you depending on your return expectations).

Their children (now in their late 40s) inherited the house, but they have not listed it on the market, and I heard that neither is willing to move into it from their current setup, so the property has been sitting vacant.

Right down to the closing documents that you sign being returned to you in blank.

Currently being leased, but expect my total cash on cash return to be above the number I target.