@Seth C.The discount rate depends on your market, how much demand there is for that type of security, the prime rate, etc.

Meaning they will want to be equity investors not debt investors like you suggest.To make a good syndication deal you need to preferably find something better than a 6 cap, have a fairly reasonable expectation of raising rents/reducing expenses and borrow really low cost funds and then hope that things go well in your 3-5 year plan.There are a lot of people making this look easy right now but if you step back and look at why that is, I think you'll find that the last few years have been very good for that type of transaction because of rising rents and corresponding appreciation.

Do not go by the handshake or verbal agreement type thing.

Vacancy, capex and repair budgets are significantly lower in condos than other types of properties.

Eventually it requires a membership but they have a sub-group of some type every week that is included and they also bring guest speakers like Ron LeGrand, etc. for weekend seminars.

Would be nice to know in order to figure in to having to possibly do this some day.I'm still just looking for properties, but this type of thing would be exactly the type of thing to make me nervous about the process.

Can it be any local contractor or should I hire someone that advertises this type of thing?

It also depends on what type of heating system you have.

In the MLS you will find every type of description of houses, for example; estate, foreclosed, vacant, motivated seller, institutional seller, REO, bank-owned, divorce forces sale, etc..  

So you are way ahead of the curve if you are already thinking like this and asking these type of questions.