I am thinking of investing in a syndication that is buying a 157 unit apartment project located at 3117 S 192nd St. in SeaTac, WA 98188.It appears the property last sold in 2015 for $1.8Mn….the syndicators now plan to buy this property at a price that is about 60% higher and around 10.8X trailing 12 months gross rental income or 9.7X gross income projected over the next 12 months.They plan to renovate the units and increase gross rental income by 11-13% in each of the next two years and then level off at 3% annual rental growth thereafter.

I am thinking of investing in a syndication that is buying a 157 unit apartment project located at 3117 S 192nd St. in SeaTac, WA 98188.It appears the property last sold in 2015 for $1.8Mn….the syndicators now plan to buy this property at a price that is about 60% higher and around 10.8X trailing 12 months gross rental income or 9.7X gross income projected over the next 12 months.They plan to renovate the units and increase gross rental income by 11-13% in each of the next two years and then level off at 3% annual rental growth thereafter.

@Jay Hinrichs I admit I increased my vocabulary looking up definition of hoary,  meaning old, white or ancient... but point well put and found way to Howey test (1946) for securities is broad and can be applied to  JV's, LLC and general partnerships As such, those being a sponsor of agreements should have proper legal counsel to advise them appropriately with caution,  as mentioned its all great until it doesn't go right and money is lost. 

The LTV can be increased to a maximum of 96.5 percent if the Borrowers are Family Members, provided the transaction does not involve:  a Family Member selling to a Family Member who will be a non-occupying co-Borrower; or  a transaction on a two- to four-unit Property.

I'll be breaking even on mine and that is after rent increases.

As Rick mentioned wholesaling of traditional real estate or notes can be a great way to increase your IRA.

That alone causes increase risk.  

Also, I would increase the vacancy rate to 8-9%.

You need to ask lenders about "seasoning" requirements if you have increased the value.

(Unless you flip homes for a living)Pending Home Sales Slump As NAR Warns "Activity Has Essentially Stalled"New Home Sales rose in May, Existing Home Sales dropped in May, and today we find out that Pending Home Sales also tumbled in May... so that's 2 down, 1 up - not good (especially as mortgage apps are tumbling in June)This is the second monthly decline in a row, but Pending home sales are down 2.2% YoY - the 5th straight month of annual sales declines.Home sales fell for the year in all regions YoY, but the decline in the last month was concentrated in the South, while the other three regions reported MoM increases.