And having XXX units lined up in the same location for re-positioning is a pretty efficient use of capital. 

Unless you've written a contract to continue to use him, which I wouldn't do in your position.

To join a syndication in an equity position in a lot of cases one has to be an accredited investor.

Should I refinance to lower my payments and eliminate the PMI so I can have some positive cash flow ?

I have been doing a lot of back of the envelope calculations using 1% of the financed amount vice 1% of purchase price and that seems to be the go no-go point for positive cash-flow for a lot of deals these days.From what I've seen, and my investigation is just in it's invancy, rental rates seem to drop off qucikly as you move away from the university (like outside 1 mile).

If you are paying cash you care in a pretty strong position.

We currently rent out our home in Mascoutah, IL after I accepted a temporary position overseas, but didn't have the knowledge that I do now and it definitely doesn't cash-flow.

I have great credit but I am in a position to buy it outright with cash.

I generally take that position, too.Is your JV agreement for a single investment, or is it for the entirety of your relationship?

Because most people are (hopefully) in a better position, with a rental and alternate income.