If you analyze the US based on data you'll find that the costs, east or west, are usually underperformers to the chunky middle of the US in terms of stability and cashflow, though certainly not in apprectiation.What specifically are you looking for, and why are you looking where you're looking? 

The preservation improvement amounts are based on ‘increased value’ only; hence a cap in terms of money spent will not apply. 10k spent to fix a roof and increased value = 5k. your payout is 5k. 

With turnkeys, there are various companies you can work through-- directly through turnkey providers themselves, turnkey marketers who market properties from direct properties, and companies like Roofstock that really only just promote turnkey-condition properties and don't work through direct turnkey providers.I've always preferred the turnkey marketers personally because while I still end up with properties from a direct provider (versus what Roofstock offers)(and there are a lot of benefits to the direct providers), I can get broader range help in terms of market selection, customer service support  and general support.

First of all this is a big project in terms of dollars and time.

What would a syndication company look for in terms of return?

I only buy parks with tenant owned trailers, so there isn't much in terms of maintenance.I'm not sure if the math would add up to make it profitable for me and low enough cost for a client. 

After that, you're buying the last 5 properties post-crash when the market is in recovery.The big picture is the difference in terms of net worth is almost $2M OVER 40 YEARS with a market correction.Almost $5,000 per month in True Cash Flow(TM) (which includes cash flow from depreciation and cap ex) in year 40.And here's a breakdown of total equity between the two scenarios.If you want me to change my assumptions and run the software again (or even change the setup) let me know.

Now, in terms of pure investment properties, aside from the larger (4+ units) generally having more potential to produce well than their smaller siblings, I believe that finding deals in ways other than MLS are extremely necessary.

Sounds like they'd be happy with just a sketch in terms of new walls, toilet here, sink there, etc.

Would also like to know if you apply the same method for a performing loan and a nonperforming loan in terms of determing the balance going forward?