In my opinion, you should keep syndication and multifamily on your radar, but also think about what else you could do RIGHT NOW to mitigate your personal constraints, even if means doing a smaller SFH deal to start.

The higher the risk, the more steps you take to mitigate that risk.I use a score sheet and award points based on various objective factors that represent risk: credit score, collections, judgments, evictions, criminal record, rent-to-income ratio, length of tenancy at last rental, number of late payments, length in current job/career, and so on. 

Will most banks/lenders appraise a project once it reaches a certain point (say, if the water damage has been mitigated)?

We've done all we can do to mitigate further damage by removing snow from the roof, icicles from the windows, putting buckets out for the water and removing everything that got wet, but I'm at a loss for next steps besides "wait until spring."

I would not be paying out big coin to have a specialist company come in and mitigate and tear it off 

I understand it is common practice but have you heard of any downsides in terms of risk/liability mitigation? 

But let me know your specific reasons for thinking MFR is the way to go and then I can speak more to it.While nothing is guaranteed in REI, the absolute best way to protect your $30k is to know the exact risk factors, and mitigations for those risk factors, with whichever route you choose.

Mitigate your risk by simply letting the bank continue to carry the asset for you. 

There are lots of ways to mitigate the risk of job loss and all that, but it's all in the numbers.Happy to chat anytime if you want to know more or ask questions!

Sounds like you have created more work trying to manage your manager then if you just managed the property.As for how to mitigate the risk of being ripped off you couldAsk for photos of the repairs.Make sure the Property Management Company is a licensed Brokerage.