@Mark AndersonIt's a two way conversation.So, you should tell them what you are looking to do and the style of investing you want to work with. 

These are professionals with additional training and a stricter code of ethics.

@Jared F.You should consult an attorney when it comes to asset protection.A couple questions you want to ask the syndicator is how the entity is structured.If the entity is structured as an LP or an LLC - you are likely a non-managing member or a limited partner.So the question you would then ask the attorney is if you have additional protection investing as a limited partner/non-managing member in your individual names or as an LLC.I have seen individuals invest hundreds of thousands of dollars in syndicated deals.

Additionally I would tell them that since they are good tenants they can stay at your new rental rate, what ever your usually annual increase is, and that they will continue on a M2M since they are such great tenants. 

I am looking to up my portfolio in the Bristol area by purchasing additional multis (preferably 3+ units).

@Jordan LeithartIf you want to pm me I can provide you some additional info. 

My sense is there's a reason for that.I'd be a bit concerned that some type of failure could result in water damage, in addition to the risks that you mentioned. 

What additional costs and penalties would we face? 

I think I've been able to dig out additional info that would suggest this is much better than as it is presented. 

In addition, the association did not have enough money in their reserves so I couldn't do a HELOC on the unit.