Quote from @Jordan Ryan: Joe Fairless - Best Ever Apartment Syndication Book, A-Z with everything you could possibly think of about starting and running a successful syndication.  

Don't apologize, don't explain how the 'chosen' tenant was more qualified than they were, wish them well in their search.You're running a business and you've made a business decision. 

What do people do when they run out of funds (liquidated credit cards and family members assistance)?  

You still need to be involved and watch your property manager to ensure things are running well, but that takes less time than self-managing.

They were selling on pro forma, but the market and the debt market have shifted, and it's aa lot harder to achieve higher pricing with lower rents.We've purchased over 2,000 units, and the simple answer to the question is that they are either mom and pops and run their businesses with ZERO KPIs, they do not want to risk losing tenants if they raise rents, and they don't treat their asset as a business.When you take over, it can be difficult to get rents to market if they are very suppressed.

When people take advice on here, they need to consider all things involved and not run with one perspective.

Or subs or property managers who run off the rails. 

It's not just any kind of car, and even if you buy the "right" vehicle, it has to be used 100% for business, which is rare.

This sounds like a home run and a great first purchase!!

But tax benefit of MTR if there is difference between the 2 vehicle.