Let's say the below 10 unit is being offered at $800K: Property: 123 Anywhere, USAGOI: $75K ($625/month)NOI: $45KCAP: 5.6You love this opportunity because you understand it's potential - more importantly, how to realize the potential. 

Insured?

Tools like LegalNature offer templates and document storage for compliance purposes.

Is anyone aware of a more near term fund that offers cashflow earlier on and isn't a full development cycle fund?

This evaluation will determine if the property's foundation and structural integrity are sound.Insurance Assessment: Check if the property has insurance coverage for fire damage.

For example, in FL you must have a land trust or you're paying a lot of money in for an LLC, but in Ohio land trusts don't offer asset protection and an LLC isn't taxed as heavily. 

Will it rent for enough to support the mortgage, taxes, insurance and maintenance until he passes the property off to his heirs???

If not would like more info on property I have people I sent information to but no offers of yet.

As an LP in a syndication with two (let's call them) identical offerings in terms of asset type, business plan, submarket, asset size, projected returns, fees, waterfall, etc.  

To keep things running well, think about getting a local company to manage the property, make local friends in the business, keep up with market changes, have a backup plan, make sure you have enough insurance, follow the local rules for renting out property, and keep some money aside for surprises.