I am not as familiar with the details as Chris is, but as far as structuring it - Since it sounds like you have private money lenders, what I would do is take my criteria that I use ( Mine is cash flow $500/month per property passively, with the goal to sell my portfolio in 5-7 years and buy an apt complex) then give them as much as possible - so for me I need the $500 + equity in the property. 

Never buy a property that sits next to a school, a busy street, a retail plaza, a church, a high rise apartment complex, etc.There are a lot of things within your control when you buy a deal.

The government is facilitating a low cost alternative to public offerings that would make most syndications not viable.Private offerings are the wild wild west of investing with no audits, filing requirements, little regulation, tons of inexperienced sponsors, and lots of complexity. 

The HOA dues are generally meaningless as long as the complex is managed properly.

Investing is a complex process and within each asset class cycling is happening at various points in time.

I bought a 1,000 unit apartment complex and raised $40 million in a month from my private investors.I get asked this question a lot: How Long Does it Take to Raise Private Money?

Sweet! 

The qualifications and rules for 2022 remain the same, however they will be adjusted starting in 2023.Here is a case study where an apartment complex owner in North Carolina utilized the 45L tax credit.

Purchase price: $1,325,000 Cash invested: $325,000 Sale price: $1,750,000 42 unit class C apartment complex located in Daytona Beach FL.

The sweet spot in my opinion for equity/cash flow on a BRRRR is about 125-175k ARV.