The specific tax treatment would depend on how the preferred equity is structured in the syndication and whether it qualifies as debt-like equity or retains characteristics of a typical equity investment.

Similarly, every property has unique characteristics.

No list no set of characteristics and predict motivation because motivation is based on emotion, NOT DATA.If you were a lion in the dry savannah of Africa and you wanted food.

However, the decision ultimately depends on your overall investment strategy, the specific characteristics of your local market, and your personal financial goals.Let me know if there's anything else I can help you with. 

@Mark Dutton Responses continue to point to being overleveraged but you only provided the debt amount, you never mentioned the value of your portfolio/collateral or market characteristics.

Beyond just the borrower characteristics, you might want to remember the broader 5 'C's' of Credit: Character, Capacity, Collateral, Capital, and Conditions.As a smaller lender myself, I focus on the Borrower first and their ability to get a project across the line with as little headaches (to me) as possible. 

All long-term income characteristics are determined by the city.

Also just keep in mind characteristics of the property that carriers wish to avoid such as roofs 10+ years old, old/recalled electrical panels, no impact windows etc. 

However, the problem is the paint stains will often show up as darker spots in the stain and can look unsightly.

I also need a general contractor with the same characteristics.