The rental proposition is interesting but I'm hesitant since I have had so many prior problems w homes w bad add ons.

While I'm against a bailout, it is definitely a scary proposition having all of those people lose their jobs.

Now, that being said, cap rate is still important (it helps make sure you don't overpay for the property), but it's not as important as other things like the value-add proposition or the price itself.

Boarding horses is a losing proposition.

That said, the HOA is usually a "majority rules" proposition. 

My first thought is that they would not be profitable, or breakeven propositions.

Don't let a listing agent sit on a ratified contract until 6 pm, as they are sometimes wont to do.You can try to time things and bet on this to continue or get worse (thus making rates better), but generally "a good day" is a good time, and trying to daytrade for "the BEST day" is a losing proposition.

@Chad McMahan what markets in AZ present the best value proposition for SFH VRs?

I get you are busy, but I would never consider buying turn key, If that was what I needed to do, I would just invest in index funds, the value add proposition in buying a below market deal increases your return massively.

Syndications are generally set up as one-off propositions where capital is returned to the sources of capital at a liquidity event, as in selling, exchanging, or refinancing.