Buying a SFR in the GTA will tie up capital that can be deployed (and accelerated) faster elsewhere. 

I probably wouldn't try eviction, but I would put the tenant on notice that you will expect them to vacate within 30 days of the other two being released from jail.Can you imagine the mess you would be in if the remaining tenant decided to bail rather than pay rent on her own?

1) Since your distributions and net rental income never tie when it comes to equity syndications, let's just assume for illustration purposes that without accelerated depreciation, your net rental income would have been 10K.

What if you find an incredible deal down the road and your capital is tied up in an LP syndication?  

This ties into the saying that it is better to wait for a qualified applicant rather than fill the unit with anyone who is interested that has the deposit and first month's rent.

It takes about a full year from start to finish, but I’m happy to tie up $30k or so for a year for these types of returns.

Under MLI Select it said Purchase/refinanceOPTION A: 80% of units: maximum rent is ator below 30th percentile of rents (CMHC in thesubject market) for units of similar type (numberof bedrooms)OROPTION B: Project approved under otherhousing programs/initiatives (municipal, provincialor federal) that provide support for developmentof affordable housing such as capital grants,municipal concessions or expedited planningOROPTION C: Social housing projects with upto 5 years remaining on operating agreement:additional criteria applyNote: For all options, the affordability of designatedunits must be maintained for a minimum of 10 years.Affordable units are subject to provincially allowableannual rent increase or CPI.Pretty vague description and doesn't speak to the point system so i'm waiting to hear back for clarification.  

I am currently thinking about another alternative where he would sell us the property at a loss or the initial purchase prices and then we would structure the remaining equity into a loan to us so he would only receive loan back payments which shouldn't be taxable income. 

Prices may remain high for a while. 

If you tripled the value of the properties, you shouldn't still have $20,000 tied up.