If they have not provided you with a detailed idea of what types of houses you would be able to buy and what condition they are in, you may need to shop around for another broker.My loan officer made sure I understood what condition the house had to be in.

Hey @Chris Serger here is some information on the details you have provided.7% preferred return - This is the return that the limited partners will receive prior to the syndicator getting paid out of cash flow.

Will there be a promissory note detailing loan amount and interest paid.

I included a link above my original post to view all the details if you want to look there also.

Too much detail and you get lost in the weeds.

PM me for details. 

If it's the most important and biggest item they own, they want to get as much as possible.

@Jacob BassettFull disclosure I'm still very new to investing but I'm an information Junkie and very detail and process oriented.

@Parmer Cherry, Yes you can donate items to qualified charity and possibly get a deduction. 

Vacancy and Capex are not cash out expenses, they are reserves that you should hold for when you do have vacancy or a large capital expenditure - so you have funds to pay for those items - and they will be expensed or capitalized in the year/month they occur.