Welcome to the BP community @Michael A RobertsonWhen using the calculators, you can use estimates and assumptions for filling in some of the criteria. 

@Daniel DietzYour assumptions are largely correct, depending on the nature of the syndication.The returns you receive would be 80% leveraged.  80% of the income received would be debt-financed, and therefore considered UDFI subject to taxation.  80% of normal deductions such as depreciation, interest on the note, etc. would be applied to reduce the taxable income, and there is a $1000 standard exemption against UDFI that also applies. 

Also, just want to make sure I am understanding the impact of the deductions, using some assumptions: Annual Gross Revenue: $50k Annual Deductions from above: $48k Annual Gross Profit, taxed at my marginal tax rate (~44.3%): $2kSo even if the property only cash flows $2k/year, I will still get additional cash flow from the $48k in deductions (I can change my withholdings or get a refund)Annual savings from deductions - ($48k * marginal tax): $20,400My total profit from this property for the year should be ~$22k, correct?

My curiosity is around the loan assumption piece.

Not another lie but an assumption that I don't make money off this "vacant" property.

Also, what are some reasonable expense assumptions (per unit) for Gas, electric, water, sewer and insurance?  

My assumption is that you mean to put up $20k towards rehab in exchange for $15k (or 50% of seller’s gained equity).

Am I being way too conservative in my assumptions?

Most of the rock bottom "for advertising purposes" stuff you see online has VERY conservative assumptions, with everything being 100% vanilla, which basically means only 1 in 50 can get what they advertise.

If that assumption is correct, you will need 20-25% down on the MFH.