Distributions are being paid from reserves or out of syndicators own pocket.Syndication B: Sold a deal and achieved a 30% net to LP IRR.  

Yes, it may need repairs, but I would have a $20k+ cushion for repairs in reserves.

Make sure you have adequate reserves to cover unexpected emergencies.3) Time-intensive - If you live on-site you're a live in property manager on call 24/74) Legal issues - know the max occupancy laws for your area.

Without cash reserves and solid credit, that is difficult. 

If it's tight or you're uncomfortable with the tenant you have in there from a confidence perspective, especially if this is a first deal, maybe meet in the middle and get a lender at 75% or 77% (doesn't HAVE to be at 5% increments) that wont make you season, and leave a bit more money in the deal, but sleep better.Overall, if I cash flow well, have/keep reserves, and am comfortable I fixed everything in the house, I like to max out the LTV on refi.

There are several benefits of having cash in the bank/liquid reserves versus an open end mortgage (a.k.a) credit card.

Based off the information you provided, it sounds like there's no issue from your end.In the future, you may want to include something in the lease agreement that outlines objects that may be stored on premise.

I just bought all the drywall, cement board, and a 3/4 full thing of red guard water proofing that I need for my entire bathroom remodel for no joke $110, that would have cost me $400+ at the store but someone else who already finished their bathroom just had a ton left over.

If it’s not used, I treat it as reserve funds.  

But they asked for a little space to store their Christmas items.