One of the most critical items to review is the lease.

(Bryan Hancock Comment - Great point....see your original default risk point)Section 4975 – This lengthy section contains the critically important prohibited transactions rules.

I beleive the license is critical for MLS access so you can run sales comps and value property accurately.

I am a SAHM of 3, one of which is critically ill.

@Curt DavisI'm not familiar with every state's property tax laws, so I can see how #3 may not be as critical in some areas.

Once a certain financial independence is achieved, the cash flow is not as critical and maximizing the total return is what is desired.  

Read the article in the link below.TALLAHASSEE (News Service of Florida) - A controversial effort to further limit local governments’ ability to regulate and inspect vacation rental properties is advancing in the Florida Senate, as the proposal’s sponsor on Tuesday assured critics that the legislation is “a starting point.” https://www.mysuncoast.com/202...

Being an LP in a syndication deal but unless you are accredited or net worth over 500k I don't think you have reached that critical mass to nor gotten the experience yourself to be able to determine if a deal is good from the shinny pdf pitch package.

The most critical aspect is the Reserve Funding Plan, and if they have a recent Reserve Study that was prepared by someone OTHER THAN their Management Company or the Board, that would usually provide a very good picture of their long term financial condition.

Communication is a critical business function and we take it very seriously (as I'm sure you discovered).I don't know who your Investment Counselor is but feel free to contact them anytime with any questions.Continued success!