I agree with all of the previous posters or pointing out significant question marks about the deal you found.Since you asked how to do due diligence on deals, I'll give you my personal opinion.For vetting a syndication, different investors do it differently because every investor comes from a different financial situation and has different goals and risk tolerance.

Risk tolerance is the degree of variability in investment returns that an investor is willing to withstand in their financial planning.

Call recipients are generally tolerant of receiving two calls per day from the same calling party.

The market doesn't always go up, it can go down and has in the past.Smart leverage and risk tolerance matter a lot, someone wanting to retire early will have different goals than someone who already has their nest egg built and doesn't want to lose it.

Decided which best fits your comfort zone and risk tolerance.

What’s their tolerance for risk?

They will be less tolerant of ignorance, errors made, and will not care if you don't know what you're doing.

Kyle and Buda homes along the highway are still a tolerable commute to DT Austin, but if you start looking 10 minutes off the highway it gets dicey.

What is your risk tolerance?

My advice is to not refinance and cash out unless you have a plan and your rents cover the new loan - or unless you can tolerate paying out of pocket each month for the foreseeable future, which is a strategy you should not write off.