I'm in a 11 month dry spell.

You can apply everyday life lessons to occurrences in the game from money management, to business to, excessive spending habits as well as building wealth through real estate investing. 

I have a similar 1926 Spanish bungalow in LA (3bed 2 bath, 1300sqft, single level), that i just rebuilt completely, so here's my 2 cents1. with plumbing and sewer, make sure that you insect and assess the main drain line form house to street sewer - in houses of that age, they are cast iron and are often buried under a concrete driveway. if it needs to be replaced, make sure re-pavement of driveway is accounted for2. houses of that age have often started as 2bed 1bath and then somewhere along the way been converted to say 3/2 - mine was in the 70's. ask whoever inspecting the foundation to pay attention to the way it's laid out - variation in crawl-space hight, floor joists and different materials used for pillars that house sits on could point to an addition. flat roof over one of the bedrooms or bathrooms in an otherwise house with an attic is another sign it's been added. either way, check with the city that those additions are legal/permitted3. termite damage and dry rot in California and Arizona is a given - in any house, especially that old. as you walk around the rooms, stop in each corner of every room and jump up a few times - if the floor is soft and even a sign of weakness, i bet you you'll have to re-drywall, remove subfloor and repair floor joists in at lest half of that room. just a simple "poking wood for termites" test from the crawl space often misses that. i like my jumping test as well5. size and age of electrical panel - yes, but also age of main electrical wire runs is important. those are usually suspended in crawl spaces or laying on top of ceiling joists in the attic. old wire should be replaced as it's a potential fire-hazard surrounded by all the old fluffy insulation that's in old attics - speaking of fluffy insulation, i hear in some cases it could contain asbestos, so wouldn't hurt to checkfyi, just installed central air in my house and my best estimate - had 7 total - came through Costco at just under $7000 for a 3-ton Lennox system (heat and cool), all new ductwork, permit and inspections. curious as to what your HVAC bid was

Has anyone here done a syndication in excess of $1 million?

When the IRA LLC generates net profits in excess of $1,000 you would have to file a tax return. 

As @Ryan Pyle said you will not see all that rent because of vacancy and collection problems and your cash flow will be impacted by excessive wear and tear and theft/vandalism.  

When toilets sit dry, the rubber fixtures dry out and will leak when you turn them on again. 

I had to turn down loan requests where the transaction was not in compliance with law, it's not valid and the deal needs to be restructured, that isn't always easy without going into detail explaining why some seller is selling at a questionable price or making excessive concessions.

FO factors are dealing with the property itself, poor fool plan, like a 7' ceilings upstairs, bedroom or only bathroom off a kitchen or living room, an attached garage not having a door leading into the house, an excessive utility easement that restricts the use of a significant part of the backyard will have a negative influence on value.

Vacant lots are looked at as to sq ft but, when you get into excessive land on a lot, like a much deeper lot, the value of the excess to the rear won't carry the same value as the front area that is required for the type of building.