Did I do something incorrectly? 

Nope, your assumption is incorrect, it's like any other deal, solve the problems of the seller and you get a deal. :)Gurus....probate as a niche, LOL :)

(I'm glad you're not getting a free one offline ... that always worries me as they tend to be incorrect)Tenant Application - Online tools for this are very good.

Then, when I started looking at the numbers, I realized that I was handling CA real estate investing incorrectly.

Seller has provided me the majority of the collateral files and I found that the address listed on the original note, DOT and subsequent assignments/allonges are incorrect.

Sounds like either a property condition issue, poor marketing, incorrect rent pricing, or a combination of all three.

If this were swapping out fixtures and updating finishes I can see the temptation to just make the repairs as a property owner but what you describe is a much more complicated project and if done incorrectly without permits you could be opening yourself up to future problems.

@JR T. you are incorrect. $500 a month for 100 months = 50,000.

Lots of inaccurate and incorrect advice here.

Don't shoot the messenger.ConclusionIf you go back now and re-read the sponsor's description of the tax rules for syndications, can you find anything incorrect?