IMO these need major rehab work and are only attractive in "hot" areas where flippers can turn around and resell them for $100k+ to retail buyers.

This was a major rehab with new HVAC and new Water heater.

Only a few lots that size go on sale every year and the majority are sloped or wooded.

There are the superficial indicators of a good flip as well – proximity to major city hubs and transportation, quality of local school, crime stats in the neighborhood, etc.

Yes its a PITA to move in in/out, but not worth the battle for saying no to a pretty basic request.The majority of CA rentals don't supply a refrig..... just stove, dishwasher etc.... not even washer/dryer....some do, but a larger % don't in general.

I know that it is possible to syndicate alone, but I'm quickly learning even more of how much of a team sport it is. 

Are there any major non financial considerations that I need to address?

I actually gave the appraiser one comp that was favorable for us, but across a major street that divides two neighborhoods.

Vtsax has a majority of the shares.

If you have a major leak, you're screwed.