Your post neither provides valuable or additional information nor did you post direct questions like the rest of us do.    

Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured. 

Additionally, some syndicators are mostly in the middle-person role of sorts; partnering with others who do the primary LOI/PSA/operation roles.

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and it's super landlord friendly (so you will never have to go through a 12 month eviction or anything close to that!).

In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes. 

Additionally, I'm still not convinced that you are not associated with this new management company. 

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential.

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

In addition to these you can find information about appreciation.Many of the people recommending expensive properties are doing so because of appreciation.

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.