I carried double the cost on Gas and Electricity to be safe. ==== Projected Income ====**Off Season**-$4,000/Month Rent Period: September - May (7 Months) Projected Income: $28,000**Summer 1**-$8,000/Week Rent Period: June (4 Weeks)Projected Income: $32,000**Summer 2**-$8,500/WeekRent Period: July-September (12 Weeks) Projected Income: $102,000**Optional** (Basement Apartment)-$2,000/Month -Rent Period: Year Round Projected Income: $24,000TOTAL PROJECTED INCOME: $186,000 ==== Operating Cost ====-Mortgage: $84,000 ($7,000/Month) -Utilities: $36,200Gas $6,000 ($500/Month) Electricity $6,000 ($500/Month) Internet $2,400 ($200/Month) Garbage $5,000 (Estimate) Pool $4,000 ($250/Week)Landscaping: $4,000 -Mowing: $2,400 ($150/Week)  -Clean Ups: $1,600 (Spring & Fall)-Weekly Turnovers: $8,800 ($550/Week)==== Legal Cost ====Summer Rental Fee: $20,100 (15% of $134K)Sandwich Rental Tax: $6,855 (15% of $45,700) NET PROFFIT: $38,845.00

I had a chat with them on the phone as i was curious about the funding.. but came to the conclusion that the down payment ( the client made to buy) was probably what they paid for the property and the seller carry back note was the profit.. and then the seller carry back note is sold to yet another investor.. who is investing for coupon money.   

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. 

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

So, if your property has all bills paid by the tenant, you will deduct from the voucher amount the set amount by bedroom count for items like water, electric, gas, etc.

Having good accountants will be an important item to afford scalability. 

Many years ago when foreclosures were the hot item and every idiot in town was getting rich from them till the bubble burst, I paid $180 for Carlton Sheets No money down deal course hardcopy books and cd's well I bought the house I was renting with 0 down.

If the property is not cash flowing and is due to your mortgage carry, it will most likely require a cash buyer to work (or close to it). 

HELOCs carry higher rates than cash out refis.

That said, I’ve never carried out a syndication before, so I’m looking to hear from those of you who have.1) What was your experience with syndication?