In my opinion too many first time syndicators & individual buyers got burned in the last gold rush because they did not have someone on their side and solely relied on the listing ( sellers ) broker to provide them with the information.

NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period.

As a last resort you can file a lawsuit which will hang over them  - that is your only point of leverage. 

I'm sorry but would really appreciate any explanation you can offer.obviously for original poster, if project drags out or more costs then annual return quickly falls below recent S&P 500 13% return last 20 years

But your actual IRR is much higher because of amortization and depreciation.The last big thing to consider is the capital expense risk to your monthly cash flow.   

Lastly, if you have a question about a condition on site, have the architect or engineer come out to inspect and issue a report on findings and suggested action plan.If you consistently complete these steps you will be far better protected than the person who has the most elaborate web of entities but performs their duties irresponsibly.

The factored base year value (FBYV) of real property is the market value as of 1975 or as established when the property last changed ownership or was modified due to construction.

Sometimes homes do not have the correct number of Bed's or Bath count or square footage so the calculation will not be correct.If you use the search tool to filter and look in that zipcode for "Identical" sold homes in the last (6 months) compare all of the most recent sales and proximity of up to 2 miles to gauge the value. 

I just purchased a LTR in Columbia last year and I have no regrets.

However, I will tell you that I sold 1 property last month but I used those funds to pick one up next month, and I hope to close on another one in January.