@Dylan BardThe title of your post indicates syndication.

For what it's worth, I started out at age 22, the house was kind of dumpy so I did some initial, minimal cosmetic fixes and got a couple of roommates while I lived in the basement, which was not finished and served as a pretty powerful motivator to get it finished in my spare time.

This will be used to calculate basis.Furthermore, there should be an update to the Secretary of state website to indicate the change in ownership of the LLC.

If not, it indicates that nice improvements would be an overimprovement for the area.

I’ve received several recommendations including rehabbing one unit at a time while keeping the other units occupied to minimize holding expenses, while others have suggested vacating the entire property upfront prior to renovations.

I would be hesitant with this specific deal because the cash flow is too minimal for my liking, and the ARV doesn't pan out. 

I went to the NETWORKING menu above and a quick search turned up THIS THREAD that appears to indicate a monthly meeting.

The existing owner is getting impatient and has indicated to the tenant that either she needs to buy it now, or he is going to put it on the market.My realtor approached me to see if I would be willing to buy the property for $120,000 and immediately turn around and offer to do a rent-to-own deal with the existing tenant.  

Will the overall population of these cities be a good indicator of what future trends will look like for these small MF properties?

When you buy with other loans and put minimal down payment, you end up having to pay PMI which usually destroys any cashflow.