You should be asking your hard money lender the first set of questions.And you should be asking your municipality the second set of questions.

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Best of luck here at BP Nation.

Do I need to set up a syndication for this or would a partnership under an LLC be ok?

And if your set up for an exchange then switching to financing is not really going to work at all. 

Switched to a business policy with the help of a broker once I had 2+ properties... set me up with American Family, $550/year total for 3 SFHs, and I get even better coverage.

If you don't have such clauses you might not be able to do much or might be limited on the damages.3) What is the damage/condition of the property? 

This collaboration ensured favorable terms and set the stage for a successful whole-tailing transaction.

The HVAC system failed unexpectedly, adding unforeseen costs.Lessons Learned:Thorough Inspections: Always include major systems in the initial scope.Contingency Budget: Set aside funds for unexpected repairs.Flexibility: Be ready to adapt plans quickly.These lessons highlighted the importance of thorough planning and flexibility in Partner Driven's real estate investments.

Not a lot of people out there that have a lot of experience with it.Other than a small Duplex here and there in say Trinidad, maybe Brookland occasionally, youll mostly be limited to East of the River (EOTR) at your price point.

Set clear money targets, make a plan for investing, and check and tweak your plan as you go.