It's difficult for me to understand the rules when I try to read the actual city codes and ordinances. 

I have ran the numbers and for me, they check out, obviously I would do more digging if it comes down to actually purchasing this dealSo... my biggest concerns are that I want to get into my first property and if I find an opportunity, like perhaps this one, I don't want to miss it, but the amount of cash on hand is a concern, so I'm kind of stumped. 

Just so you know, 3 years is actually considered to be a very short time with syndications (with long-term running 7 to 10 years or more).So the way you asked your questions, only the most aggressive, nonconservative deals are going to be able to answer them (on things like selling properties after the holding period, capital being returned, properties repositioned).As a conservative investor, I try to avoid those deals like the plague...so I can't answer them.I can also say that I see thousands of deals a year.

I actually thought about getting some stock pantry drawers and placing those in the closet.

When you actually refer deals, which is quite a lengthy process as you have to fill out several pages of information about the land you're referring (not a big deal but it used to take me 1 -2 hours) Vestright takes FOREVER to get back to you.

If you have an insurance claim with renters in the property and a homeowner policy I would expect the claim to be denied.The benefit of landlord insurance is that it will actually cover you, if you try to rent a house out with a typical homeowner policy you are simply not covered (even though you are paying premiums).Insurance is not where you want to go lowest bidder or look to cut corners - it is there to save your behind in the event of a major incident.

I may try to invest locally actually now that I understand I would need to fly back and forth very often to buy properties etc.

I want it to be nice, but i'm not flipping a high end home.This is an actual scope of work. 

While not a big deal in the grand scheme of things, it does create delays and more items that I have to keep track of, that aren't actually productive.I understand a repeat customer may get priority treatment, it's when a desire to keep that customer happy by overlooking existing problems that come up later, occur.

I want to either leverage this to lower my rent to inadvertently pay for a storage unit in place of the basement, actually gain basement access, or keep it in my back pocket as there is a small chance my fiance and I want to break the lease early and this may be grounds to do so.