Just be aware of the downside.As to passive investing in a syndication, this is a very common outlet for people that have limited time, experience, resources, and/or relationships to invest in multifamily on their own, or simply do not want to invest in it on their own, opting instead for the investment sponsors to do all of the work. 

Although I love Fishtown, inventory is very limited and most investors are starting to get priced out.

You can simply buy a copy of the applicable building code and whereever you find things are not contructed according to the building code including having obtained the required building permits would be a code violation.

.• On any lot with an existing single-family dwelling unit, where regardless of zoning, the lot has any of the following General Plan Land Use/Transportation designations:- Residential Neighborhood- Mixed-Use Neighborhood- Urban Village or Urban Residential- Transit Residential or Rural Residential- Downtown- Mixed-Use Commercial• On two-family (duplex) lots and on multifamily properties• In a low-density cluster development if it conforms to development standards of the R-1 zoning district, and the development and use standards of the low-density cluster permit.Minimum Lot Size3,000 square feetNo minimum lot sizeMinimum Setbacks from Rear and Side Property Lines0 feet for 1-story conversions and new construction.5 feet for second-story ADUs constructed above a garage or accessory structure.0 feet for 1-story conversions and new construction.4 feet for second-story ADUs constructed above a garage or accessory structure4 feet minimum rear and side setbacks required for detached ADU in multifamily developments.Maximum HeightFor detached ADUs:Single story – 18 feet maximumSecond story – 24 feet maximumAttached ADUs are subject to the height limits of the main home.Single-family properties - No change in height requirements.Multifamily properties - 16 feet maximum height for detached ADUs.Rear Yard CoverageArea covered by the ADU, accessory buildings, and accessory structures, except pools, shall not exceed forty percent (40%) of the rear yard.Area covered shall not exceed forty percent (40%) of the rear yard or up to 800 square feet, whichever is greater.Detached ADU Allowed LocationsRear yard only, at least 6 feet away from primary dwelling.May be attached to a detached garage or other existing accessory structure.Must meet minimum setbacks for an accessory building in accordance with Section 20.30.500.No changes except that ADUs that exceed forty percent (40%) of the rear yard must maintain minimum 4 foot side and rear setbacks.

There is limited supply of multifamily properties in Baltimore City and demand is high, so prices get bid up.

This particular home was under the Fannie Mae Homepath program which limits the total amount of money you can have wrapped into the loan.

Hey @Chris Serger here is some information on the details you have provided.7% preferred return - This is the return that the limited partners will receive prior to the syndicator getting paid out of cash flow.

They may, but If they do not, and you walk away, you will be out the cost of the appraisal and any inspection or loan application fees.

Go home and call all of your credit cars and ask them to lower your interest rate and raise your credit limit".

However, there are limitation.