Yes, you personally aren't living there, but with high crime comes unqualified tenants and high maintenance costs (stolen materials, broken windows, etc.).

Over the longer term I would hope and expect market appreciation to erase the possibility of near term underwater risk.

If your property’s rehab isnt wrapped up until 2025, your current rent roll might look a bit different than what your lender expects when they run the numbers.

So your capital gain when you sell this property will be calculate against your tax basis and not against your mortgage as many investors expect.

What is the expected return on investment, and how does it compare to syndication in terms of advantages and disadvantages? 

We've found that expecting the resident to pay for these is customary, expected and actually increases the likelihood that a resident completes their lease.

At the end of the day, there are more day traders that end up broken than not. 

Both sets of beams have to be broken for the alarm to go off. 

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

It may feel cumbersome, but their diligence reflects the level of security and service you can expect once onboarded.