And, many times, I have to go look at the issue to figure out what is needed (is this water leak an A/C drainage problem, or do I need to call a plumber). 

Hi @Elijah Miller On the surface this looks it could be a solid deal.

The pictures indicate the house could use some surface cosmetic work. 

Seems like a solid deal on the surface!

In my rehabs, that means all hard surfaces are complete and supplied appliances and fixtures are in place.

On the surface it looks good that you're getting $234/mo cashflow, however it appears you may have squeezed numbers to get there.

If on the other hand, there is $2,000,000 left to distribute, then you'll likely distribute all the way down through the entire waterfall and everyone leaves happy.That's just scratching the surface of syndication structure and contains lots of generalizations, so please get good legal counsel and don't forget to ask them about securities laws compliance if/when you are raising funds from investors.

Installed drainage to swampy backyard and added concrete back patio and privacy fence for appeal What was the outcome?

I am so grateful for all I have gleaned from BP already, and I've barely scratched the surface.

Find a great GC who can point out any possible gremlins inside/underneath the surface.