He didn't value the property and didn't want to pay the taxes and penalties and interest accrued. 

Just at a curiosity have you ever dealt with structural movements? 

I personally have no desire or need to get involved in syndications - I'm just asking out of curiosity because I know they're so popular. 

So, curiosity gets the best of me and I ask him what he's doing on my property as he's not a resident, and he says 'The b*tch tried to shoot me!'.

The mower never moved the item nor told the management company about it.Charges are also inconsistently accrued.

@Cesar Chin Yes you could use equity line to fund the rehab. remember that the cost of rehab will be accruing interest with an equity line so i prefer to refinance the whole deal into something for a longer term. if you want to sell in 2 years then you could use HELOC and pay down amount with cash flow from rental income. you have some options. 

Also, if something significant is revealed during the inspection, and you want to trade remedying that issue for a vacant first floor, that could be an option, but the issue should be material and not exaggerated, and the seller should have the option to remedy the inspection issue instead of making the trade.Lastly, and somewhat unrelated, you should always require that any security deposits, and interest accrued on such deposits, be passed on to you at closing.

Just out of curiosity how much are you setting aside for cap-ex, small repairs, vacancy, and are you self managing?

Natural curiosity and narrowing what you want do should drive what you read. 

But generally it works like this:  The investors get 100% of the proceeds until all accrued pref is caught up.