Sure, the turnover rate will be higher, evictions somewhere more or less constant, properties will always need new carpet and a fresh coat of paint at least every other time a tenant moves out.

What... because it is more convenient for you (not YOU you.. the generic "you") to make yourself believe that because they have 2 houses they will give one to you for pennies on the dollar?

Tenant will not pay a penny.  

Add in closing costs and you are left with pennies.

Definitely not a bad idea, there's absolutely nothing wrong with not sucking every penny of equity into a loan that you now have to pay back... all depends on your risk profile.

Me personally, I wouldn't take every single penny I have and dump it into a syndication.

Rather than replace that ugly stove top or fridge, maybe a couple coats of appliance epoxy spray can do the trick.

I would avoid it unless it was Able to bought for pennies on the dollar 

And much of this you can do for free or pay pennies per lead to start pinging.  

I also do most of the rehab work...my wallpaper would not come off and I had to use Guardz to seal it up, and then skim coat it a few times to make the walls look good...let us know what you have done ?