FED hikes interest rate3. economy slows down significantly, the unemployment rate spikes4. tenants either stop paying or move to a cheaper location, the new rent is lowered5. occupancy rate approaches break-even level or break below6. your interest-only loan's term is up and you have to start paying higher mortgage7. operator makes a capital call. 8. not enough funds raised. property forclosedIs this as bad as it could get for MF syndication? 

I would love any feedback on how I should best approach this with the neighbors.

@Luke EdwardsLuke, I took a very similar approach after I got out of the ARMY and the only regret I have is I didn’t buy more Real Estate!

HVAC contractor sees the age of the unit and jumps right to "you need new" approach.  

I wanted some advice on that and maybe a different approach I could take for my first property without putting much of my own money in. 

A neighbor approached me and asked to rent one spot.

If yes, and you haven't been enforcing it, I recommend taking the good ol' Brandon Turner approach. 

I have been approached with buying a condo in an up and coming area close to Dallas, TX.

Granted, as I approach the $1M budget, I'll be most likely looking at a commercial situation (5+ doors), at which point my personal income may not matter.

While this might work out for you, I would consider it the more extreme and risky approach.