So how do you guys actually buy apartments(or any other commercial RE) using syndication model and leverage in current environment?

Sounds good not paying taxes but it can have a negative impact or environment.   

You don't want to be sitting on them for months and months in this environment.

In commercial lending, especially in an environment of increasing interest rates, a lender may not want to lock too far out.There are implications of a lender backing out of a commitment letter if you meet the commitment letter criteria.

Let me educate you a bit, there’s a thing called environment leading to expectations.  

Would the blighted houses appear invisible and the market value would be increased by the inclusion of a large side yard where the blighted houses once stood?

Each transaction becomes a testament to your integrity, fostering an environment where partnerships develop, and opportunities are created.You can't estimate how much you're leaving on the table; regret only exists in hindsight.

My PM charges me $150/yr annual admin fee inclusive of up to 10 properties, no renewal fees, no charge for placing tenants when vacant, and they fill vacancies as quickly as possible. 

With the environment we are in right now (higher rates, higher end of the yield curve) what is everyone's thoughts on these products?

It does depend on the market, but if you're in an urban environment, you can typically get a pretty good premium on a) furnished rentals and b) shorter lease terms (e.g. 6 months).It's not necessarily going to make you rich, but it could be the difference between running it at a loss vs. making a small profit every month.Hope this helps!