I though that because the property is only 783 sf area it was enough percentages for capex.

@Jason Padgett As @Greg Dickerson said there are several ways that syndicators will structure the operating agreement, and that will dictate how much if any of the depreciation is passed through to the investors.The most common scenario I've seen, is where the investors receive an equity stake in the property, as an LP, according to the percentage of their investment in the deal.

But depending on your answer, if you have debt on the sfr, do you only own a percentage of that?

You need to find out if the condo is financable with fha or conventional....fha has requirements and conventional has requirements....mostly with the percentage of owner occupants verses owner’s, percent of units deiquent on hoa dues, etc.

In addition, your vacancy [3%] and repair [3%] percentages are relatively low to what things would actually cost because of the low purchase prices and low monthly rent income. 

These are standard for every company, but may vary in percentage or amount a bit depending on who you use. 

(This is completely my personal opinion)Find what percentage works best for you & your business model, but in order to grow your business, remember that you need to invest- and continue reinvesting, in it.For instance, if you make a wholesale profit of $10,000, I would suggest splitting it at least $5,000 to reinvest & $5,000 for personal.

Who owned what percentage of the asset is all they can factually verify, and they can verify if that equity sold at close enough to Fair Market Value to be considered an "arm's length" transaction or was the equity gifted?

His point of view would have been getting something is better then nothingThat seems crazy expensive even with adding on a percentage for a small job.I would have laughed at him when he said 4 guys were picking up shingles for 8 hours.

So I think you are fine, give them the paperwork documenting your ownership percentage as being below that threshold.