I agree the market can change but with the all time low supply of inventory nationwide and especially in my local market I think that won't happen in the coming quarters. 

The syndication supplies the 100% bonus depreciation benefits, yet it will always be on the investor to work with a CPA to best receive said depreciation. 

Single-family home sales rose 5.3 percent year-over-year, with 5,260 units sold;Days on Market (DOM) for single-family homes decreased slightly from 67 days in February 2017 to 65 days this February;Total property sales increased 3.1 percent with 6,375 units sold;Total dollar volume climbed 4.5 percent to $1.7 billion;The single-family home median price rose 1.4 percent to $226,200, which represents a February high;The single-family home average price edged up 0.4 percent to a February high of $281,945;Single-family homes months of inventory shrank year-over-year from a 3.4-months supply to 3.2 months;Townhome/condominium sales fell 5.1 percent, with the average price up 2.0 percent to $210,887 and the median price up 4.6 percent to $170,000;Leases of single-family homes fell 11.5 percent with the average rent up 4.1 percent to $1,720;Volume of townhome/condominium leases dropped 11.5 percent with average rent up 2.2 percent to $1,515.https://www.har.com/content/mls/?

I think the risk is worth taking vs. the (IMO larger) risk of having the property sit empty for a bit while you wait for bookings to roll in.If I was doing a major rehab job, I probably wouldn't, because there are too many variables.  

The most common one I've heard of is me being the one to supply the contract, and being on the assignment contract with my payment being under the option section. 

Reason being, I'm never going to buy the deal for what the seller is asking and there are other variables that need to be factored that are sometimes not accounted for in the CAP Rate equation. 

Things like, who directed the work, how were they paid, who supplied the tools, equipment, & materials, do they work for anyone else, etc. 

I can't imagine it every costing $1M to build a 4 plex in MN....I have been looking at this pretty hard for myself, due to prices or lack of supply it seems that it would be cheaper to build a multi-family property in some areas than it would be to purchase one.In looking at a recent appraisal I have - under the cost approach they estimated rebuild cost at $85 per sqft (tired building). 

I also supply a shower curtain that goes against the wall to keep water from rotting the window.

Don't be overly-prescriptive on types of materials, because that interferes with their supply chains and internal methods.