I'm based in Riverside county, CA and am looking to invest out in Georgia.

I am based in Houston TX.  

So increase NOI, then you can back into a rough number on what your loan proceeds will be based on your forecast debt service upon refi.

If you are looking for financing, I would make sure you can qualify based on long-term rent (one lease), and the property is not currently operated as a rent-by-the-room rental. 

It looks to be a true 50/50 split based on square footage, so eventually when you go to sell you will be taking 1/2 of the property and applying the federal tax exclusion under Section 121 and the other half will be treated as a capital asset subject to capital gains.

Of course the proof is in the actual investments and numbers, but this assertion seems unlikely based on the value-add upside normal syndications can provide which DSTs can’t.

But I’m SoCal based and have thought about investing in Temecula.

Based on the cursory reading of your post seems like we might be able to help your client.

If you're interested, I'm more than willing to share more about how to navigate this path based on the successful experiences of other investors.

If you are looking to buy based on NOI (the income stream) then you should educate yourself about cap rates.