Make sure you can afford to fix something like say water heater or AC.....and have a unexpected vacancy at the same time.

Most syndicators are looking to refi after they've executed the value add portion of their plan and return a portion of their investor's capital, but a smart syndicator (conservative) wouldn't promise their investors that would happen, it's an unexpected bonus.

Something almost always goes unexpectedly in these BRRRRsRegardless of how you decide to invest, be sure to visit the market at least once and meet with any core team members you are considering working with before you close on a deal. 

Repairs were estimated at $37K but we ended up with $50K due to unexpected air conditioner issues plus a few misc things. 

Tiny markets, even fast-growing ones, are just more volatile and subject to disruption from unexpected changes.

Do a walk through and adjust your offer if there is something unexpected.

You may be surprised by a ton of unexpected home improvement costs which in the end will spell loss instead of profit.

And as we saw 2 1/2 months ago, the bottom can fall out of the market very quickly and unexpectedly.

The tenant just called and said she is now going to move out on May 15th and wants me to pay her $500 worth of moving expenses that she is “all of a sudden and unexpectedly incurring during a pandemic”.

Unexpected/hidden utility costs can kill the value of a multi pretty quickly.