You will normally need 20% down to get into this loan type. 

@Justin G.You will receive a K-1 from the syndication reporting your share of income/losses.If the K-1 is received prior to April 15th, you have the opportunity to file a timely filed return.if the K-1 is expected after April 15th, you will be required to file an extension for your individual return.Depending on where the K-1 invests and the amount of your investment, you may be expected/required to file in multiple states.You may have some tax decisions to make during the period when the syndication plans to exit(normally 5 to 7 years).

Visit all the sites you would normally visit if you were looking for housing.

If it takes much more than 10 years to pay it back (after factoring in my normal cash flow) I don't consider it.

Not sure what normal is.

Tar damage and smells would be considered normal wear in that situation.I would recommend changing the smoking policy immediately.

#1 I would ask....other than that these deals fell in your lap, would you normally invest there? 

Next time, as you will read here, always treat the lease back as a normal rental to a risky tenant.

Best case scenario (or worst case depending on how you look at it) is that the initial price reduction because the sudden influx of build lots hitting market, will be offset by the spike in material and labor prices and you see continued normal growth/appreciation in the market.Its no different than where we are today.

This is normally expressed as a percentage and that percentage is of the ARV.