While getting some cash yield would be great, my main objective is for the property to at least be carry neutral (inclusive of property management fees, given I'm out of state).

Court clerks are paid to archive public records, not provide lists to would-be marketers.If you wish to create your own list, your objective is to build a list of 20-200 by going to the courthouse and physically pulling files to build.

Either way, I congratulate him on his success and respect his decision to get in to real estate.My comments were directed to say that 1) I know of very few good quality syndications that will meet his objectives, and 2) smaller projects, while they might be easier to "get your hands around" take a lot more daily interaction and are less efficient to be able to use quality third party management and professional advisors.With 2 million in equity, he can get non-recourse financing (minimal net worth requirements), and buy a very solid stable B+ or better deal in good solid markets, (maybe not Dallas or Denver) that with good management and some good advisors, he can probably be very successful. 

., never being allowed to rent it even after 5 years are up, or only being allowed to rent it to low income people even after 5 years, etc.) and you don't want to be at the closing table (or later) and find something you object to.Free money is great, but you may find (as I've found) that it usually comes with some pretty specific conditions.

Maybe I'm just illustrating that my investment objectives are different from a more active or fast paced investor?

That's what I'm afraid of and even though I'm not looking to retired anytime soon but the equity is like a shinning object syndrome that's hard not to pay attention to.

An attorney is best to represent you, they can attend the court hearings, monitor for objections, etc.

As I've always stated, it all depends on your goals and objectives.  

I guess this is mostly a philosophical question, but it's also objective.

My advice would be to stay focused and not chase a shiny object as you start to scale.