There are openings in the upper west exterior walls where electrical conduit was removed.10.The stucco in these areas has not been repaired to prevent moisture penetration and deterioration.11.The front unit has issues flushing the toilet, which was confirmed with a tenant, so camera scoping of the drain pipes was performed that revealed damages and blockages in the pipes.12.Deferred maintenance on multiple items: cracks around windows and pipes, gas pipes are not supported, pilot lights in heater units were not lit, a water heater unit has no ventilation.I hired a plumber to scope the pipes (please see his report in the invoice attached and photos); a roofing company was hired to assess the damage to the roof above the middle unit only (please see proposed work sheet); a general contractor has inspected the settlement of the wall in the second unit due to the damaged frame.

(it would not be fair for you to have to pay for a lease to be drafted up, pay for landlords insurance etc etc) you should instead be dealing directly with the seller... thus when I say you should collect security deposit, I mean you should collect it from the seller, not the tenant.... whether the seller in turn requests the same from the tenants or not... that is his business and his headache.  

If anyone can help me out, or point me in the right direction I would greatly appreciate the advice.V/rTom

I am using my self-directed IRA to purchase my half.

I would appreciate any feedback/recommendations, specifically from other out of state investors with direct experience.Thanks,Michael

I asked Mark how they were are finding their deals (direct mail, driving for dollars, etc) and he wouldn't give a straight answer and said something along the lines of "we just find them".

Find the most in-demand neighborhoods with the best schools and direct market to owners there or find a wholesaler to do it for you.Another option for you would be Florida if you like vacationing down there.

I wonder how much more could I have found if I'd just kept looking.I really didn't put enough time our effort into this to call this done, but I hope I got you thinking in a new direction.

So the owner would need to keep his insurance, and I would not pay that directly?

Hi David, thank you for this it is an interesting read and there is lots of good food for thought.But for me I am not a fan of Syndication, (yet) and I do believe that the main reason for this is the lack of direct control I end up having.I have ventured into Partnerships over the years and with the exception of the one I have with my wife, none of them worked well for me, I understand this is more than likely a result of my approach to them, so I am confident that I can make it work, to me its a matter of finding the right place, and after a lot of conversations about Memphis I have decided this is not where I want my first Large Apartment purchase to be.I am now going to expand my search into Texas and possibly other surrounding states to see what can be found.