Same people, different state... and most importantly... different legislation.Diversification.

Assessing a syndication deal is not rocket science- but on the other hand it is not at all trivial and there is much to be learned.There  are many factors to consider aside from the proforma figures thrown at you by the broker/ syndicator.To mention a few:  Syndicator/Company background/  experience/ Track Record.Investment Strategy and Process.TeamAlignment of InterestMarket PPM- Fund termsWaterfall and FeesAccounting/Valuation/ReportingLegalsIMHO point 1 above is more important than any of the others and should be the make or break before even considering the specific offering.

@Michael Thompson To me, the important number is cash flow.

You have more important issues to focus on. 

Important note: the property is considered a condotel with timeshares in it and there are only 4 lenders in the state willing to lend in here.

Poor quality workmanship can really drive down the ARV on something, especially if it is important ie electrical, plumbing or obvious to the casual observer, ie crooked tile work.

This is why it is so important to have a solid contract with your contractors and subs.

Hi everyone, how important is location when buying your first multifamily rental property? 

I second that having a great Property Manager is the most important.

Doing good work is important but making your house better than the neighborhood justifies will rarely get you enough extra on sale to make up for it.