You will find syndicators specializing in a wide variety of asset classes, each with a strategy that may or may not be a fit for your personal investment goals. 

Brandon Turner made an excellent video about LLC's - look it up on YouTube.

@Alex Smith excellent Alex.

Look for properties that have excellent cash flow, and buy in bigger growing cities where the demand is increasing, so that you can maybe see some appreciation, but don't factor it into your calculations.  

Rather than trying to fit Fannie's box, there's really something to be said about flexibility.  

@Michael J RobinsonIt can be an excellent program for the right buyer, but there are a few drawbacks:As previously said, it takes considerably longer to go through the program than just working with a regular loan officerWorking through NACA can be frustrating. 

@Michael Hudelson If cash flow is your goal, then Kansas City is an excellent place to start.

These (not the counters) will probably last 50-100 years and could last forever.Home Depot/Menards/Lowes cabs (off-the-shelf oak-faced w/ particle board sides and backs) would have been about $1500-$1800 unfinished, uninstalled, without any soft-close stuff, and I would have had to fit stock sizes in a non-standard space.

Christina, taking the equity out a property to reinvest in another property is an excellent idea.

(Nice quaint, family neighborhoods) I went ahead and recreated the Bigger Pockets calculator into excel so I could evaluate the properties individually but also as a group.