I think the biggest reason for REI losing money on a property is they lack the ability to accurately analyze Markets. 

We then ranked states from best to worst for each category.Drought: The likelihood of negative economic impacts as a result of drought, the number of people and fresh water sources exposed, and the state's ability to recover or adapt to a future with droughtExtreme heat: Projected number of dangerously hot days by 2050 and the percentage of people vulnerable to dangerously high temperaturesWildfires: Fraction of housing units directly or indirectly exposed to wildfire, as well as wildfire likelihood and home susceptibilityFlooding: Percentage of people living in 100 and 500-year floodplains, projected 30-year increase in number of properties with flood risk, and the percentage of the population living in a 100-year coastal floodplainClimate change preparedness: How well each state is responding to current and future climate change threats

But, that same ability that gives the syndicator the ability to reach so many, also gives the disgruntled investor a platform.  

I'm wondering how a lender factors these rental properties in to my ability to get a  personal HELOC? 

Sam Zell: Known as the "Grave Dancer" for his ability to find value in distressed properties.--- Tactic 1: Opportunistic Buying: He purchased undervalued or distressed properties during down markets.--- Tactic 2: Focus on Fundamentals: Zell emphasized cash flow and property performance over speculation.--- Tactic 3: Diversification: He invested across various real estate sectors, reducing risk.2.

In this case, the value we added came from our ability to identify the market potential and move quickly.

fair return methodology used must be “concerned with the financial integrity of the businessas a whole, not the ability to obtain a return on a discrete portion of the business.”MNOI presumes that the rents Landlords chose to charge, in a year free fromthe idea of rent control, provided Landlords a fair return on their investment,as the rents that were charged were based on general market conditions, andnot the upward pressure that policy discussions of rent control may have onthe market.

I’ve also included things like tubs, sinks, and other items that might need replacing.I’m focused on improving my ability to assess repairs.

By establishing a set return of $600/year, there is no ability to adjust that number to future inflation.3 - Now, the big one. 

Can you make money....That is up to you and your ability to connect with people and build relationships.