@Aurelien BoninThere are many components to becoming a syndicator.

All expenses meaning the usual taxes , insurance . also including  any repairs ( in 2020 we averaged $46/ month / door for repairs ) which may seem low but keep in mind when we rehabbed we replaced - repaired all major components if they were more than 5-10 years old depending on the component.

The main thing is just differentiating the 1%ers that appear nice but have issues from the ones that have had their major components (electric/plumbing/hvac/roof) updated more recently.

@David AdamsI find a deal, preferably one that has “value add” component to it.

@Sriram Kumar Bikkina My guess is that your friend may be trying to bring awareness to the fact that crawlspaces can typically create alot of problems particularly moisture intrusion, dampness, mold, etc. and can lead to moisture damage to framing components.

Love your post - most people forget how important the MINDSET component is to achieving goals and doing the impossible

and can you figure out a quick comp on the property of what you think it is worth as is and then the ARV??  

A reputable heating and air company has a special now to replace both units entirely including all heating and air components for just under $7500 (7352.57) we are holding onto the properties long term. 

In the CapEx calculations, I had accounted for the following: Roof, Water Heater, All Appliances, Driveway, HVAC, Flooring, Plumbing, Windows, Paint, Cabinets/Counters, Gutters, Structure/Foundation, Landscaping, and Components (garage door, etc).Please refer to the questions below:1.

There is no value add component.- Not sure why you are assuming only a 1% property value increase.