I think there are better ways to handle such relationships. 

Challenges?

Credibility is the biggest challenge for first-time syndicators.

My real estate experience is limited to me searching for and purchasing my first home in 2007 (primary residence) where I basically did all the leg work (agent only arranged showings and handled paperwork) but that is where I fell in love with the business of real estate as a whole.

One is a partnership and handles commercial projects, the other is a LLC and handles small projects like kitchen or bath renovations.

Be sure to put the money you're saving in monthly payments away rather than spending it.Once your spending is under control and your score is over 700, your rate will be significantly better than what you're going to get quoted right now because your debt ratio will be in line and you'll be able to show that you are able to handle the higher monthly payment. 

It is a daily challenge to navigate the local, county, state and federal governments; local Code Enforcement, Housing Authorities, Department of Real Estate, Franchise Tax Board, Secretary of State, IRS, Dept. of Fair Housing & Employment, HUD...to name a few. 

I'm an attorney and handle the legal side with minimal tax advice--though being an investor, I'm certainly aware of tax implications of any structure I work with.

Challenges?

I would paint them white and put new handles on them.