I would also talk with a flex-space builder/GC to understand their typical costs?  

Let's use an example House in Spring for 190k, if you do it correctly and get a loan as an investment you need 20% down. 

For example, cash flow might benefit from areas with high rental demand, while appreciation might be better in growing markets.4. 

If there’s an electrical issue, it’s typically up to the landlord to fix it.Heating and Cooling Systems: The landlord is responsible for maintaining and repairing any installed heating and cooling systems.Appliances: If the property comes with appliances, the landlord is responsible for repairing them if they break down.Safety Repairs: This includes things like smoke detectors, carbon monoxide detectors, and any other safety equipment the property might have.Remember, these responsibilities can sometimes vary based on the terms of your lease agreement, so it’s always a good idea to clarify these points with your tenants.

I've always self funded so I'm not familiar with how these deals are typically structured. 

For example, I would make sure that I had a CPA with a lot of experience working with real estate investors.

To answer your question more directly, I typically look at minimum 0.20% the value of the property for cash flow.

This method not only ensures efficient funding during construction but also minimizes interest payments, given that construction loans typically extend over 12-18 months with interest-only payments.After the first year, my expenditures are as follows:Land: $200,000Construction: $600,000Interest: $60,000Total Investment: $880,000Here's where it gets interesting.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I was just comparing what your syndication would look like using the figures you mentioned with the typical US syndication and assumed that the returns would be lower.