This is why IRR is typically used to show the return of the project while accounting for the time it takes to actually receive that return.I would ask for the Syndicator to show you the projected annual returns year over year for a hypothetical investment of $100,000, they should be able to provide that information for you as it will already be in their underwriting. 

All the essentials are in place like insurance, home owners warranty (already rehabbed but carrying as a precaution) and taxes paid.

I'm using the typical general equation: ARV x .70 -  repair costs = purchase price.I understand the markets are super red hot now however. 

Typically Charlotte is at the tip of the trends, and the rest of the country tends to follow the pattern that is set here first.

Would I be essentially be eliminating my biggest cost of living, housing?

I do aim for about a 10% cash on cash but with the market so tight and evaluating over a ten year hold I typically focus on an IRR of 20%.

I am not looking to become a flipper to say, just looking to learn more about it so i can better judge the properties i see needing a lot of work on the market that i typically stay away on making offers on. 

Typically, people end up will a loss on paper because of depreciation.

It will allow you to negotiate better terms (essentially lower %) with them, so you will be able to reduce the property mgmt fee expense indirectly. 

They won't lend the money out until you have the property and they will typically need 30 days to close the deal.