Thanks Stuart.I don't think a "thesis" is necessary for real estate investing.Your mixing "thesis" with speculation and prediction IMO$1m in cash is retirement for someone that knows what they are doing in "low barrier" markets like you mention.Same can't be said for higher entry markets.Those that don't know real estate will loose no matter where or how they invest.Personally, I don't care about appreciation as I don't get out of bed unless I can net cashflow 20% net on a deal.For example, just bought a 6 unit in a B class area for $160,000.Currently occupied and renting for $3,000pm.Once minor rehab of $50,000 is completed, rents will be $4,500.I have an offer to sell as is for $250,000.ARV is $350,000.When interest rates go down, value will increase even further due to commercial lending being easier.No need for appreciation on such deals.I'll take them all day long over any appreciation potential.Again, just my opinion and each to their own.

Just a general rule in negotiations: "He who go(talk) first, looses" :)

Maybe he was a builder and cruising along fine, and then has been caught in a cash crunch over the past couple of years and might loose one or two or three.   

. - choose another RE related syndication to join as LP   I have this goal in spite of my first re syndication in danger of loosing money.Apparently not impressive on my goals.  

A 401k loan is not cheap capital, even though it is frequently and highly recommended quite loosely here on BP.

Stocks as an asset class greatly outperform gold, but only because the top 4% of them in the best-performing market do all the heavy lifting while the other 96% as a group don't generate any excess returns.Owner-Operators are the Winners

But having been broke before, I have a personal allergy to most forms of debt, especially excessive levels of debt!

I'm sorry that it sounds like you're going to loose a significant amount of money but what were you expecting?   

.$25000 seems excessive for repairs.

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.