I currently own three separate multi family properties and I’m looking to syndicate my next purchase with investors but would like to understand the best effective syndication model that has worked for others with investing in 20 to 40 unit properties.

It is easy to show that it is an ordinary, necessary and reasonable for investors.however, if you have no business(no rentals or no flips), then this item may potentially not be deductible.

To quote carpet you really should just have someone price it and charge that amount.As for holes, in my state nail holes are normal wear and tear, whereas anchors for heavier items like TVs are not.

Typically you provide a cost line item sheet, plans, specs, breakdowns.

These are all expensive items that add longevity to your property and increase its value.If all else fails, I would check with your lender to see if they have any other options. 

Meaning, the big ticket items that I am replacing are in complete disarray. 

Or they'll price certain products at a loss *all the time* to get customers in the store to buy additional items.

Otherwise, you could look into non-conventional loan options (outside of Fannie/Freddie) that allow for less than 20%, such as local credit unions.As for your numbers, you're missing a few important components; the big items would be maintenance, CapEx, and utilities (water/sewer/trash) for a 4-plex.

There's a probate process for the tenants items.  

The other items are SIGNIFICANTLY more important.