Jason basically there are about 3 different types of syndicate deals.Stabilized properties with no upside but regular rental increases.Properties with some income but some upside to fill up.Properties that have a larger value add component with typically more equity growth but not much cash flow the first few years as a pref to investors.There are some investors that want the money TODAY so more of the stabilized properties.

Am I overlooking any major differences between SFH and commercial multifamily other than "everything costs more"?

It includes all major assets & liabs, inc some pers prop that has value (or is individually insured) & I would consider selling to fund new found opportunities or if there was a major emergency requiring a change in budgeting/liquidity.My PBS is currently three pages long, broken into sections w/ sub totals to assist in analysis:AssetsReal Prop (Assessed, Purchase/Rent data, 2-3 free online providers like Redfin, then averaged.)Personal Property (Cars, Art, Hard Assets, things not in an account or "foggy" daily market value)Cash Accounts (ie funds w/ access not limited by age, Banks, Brokerages, CVLI, prepaid taxes,large pending incomes like insurance settlements & reimbursements owed to me.)MineSpouseCo-AccountsRetirement Accounts (or anything where access to the value is age restricted)MineSpouseBusiness 1 (Net number carried over from separate business records)Business 2 (List as needed)Liabilities (Would section these out too if I had enough to justify it)Listed in order of assets above if tied to such, mortgages, HELOC, etc.General liabilities listed next, largest to smallest.Net Worth CalculationThen I include several lines of totals; subtotal of amount available for conversion to REI, ratios & simple measures like mo / mo & trailing 12 mo avg % & $ return.My FI goal is over the long term to average at least 1% mo / mo gain in net worth.I have found this to be best for me for several reasons:I have a hard time visualizing a set $ amount as a goal because my amount required to retire would then seem too big to tackle.

The tenant had been there 30 years paying well below market rent and going into the deal I knew this would be a major project but I was not expecting it almost a year later. 

Of course, there is a MAJOR difference between an arrest or charge, and a conviction.  

@Matt Michaelson - loan payment is not a component of Cap Rate.

A single turning into a fourplex is probably going to have some major code issues and might be a bit advanced for a first time out of state midwest deal.

I've switched my major to Business and have already signed up for classes in the Fall.

I think that's typical of any major market.

Did you own and occupy the majority of them?