To date, the lack of disclosure and transparency to what is happening behind the scenes is the cause for my concern.Again, thank you all for your replies.

Syndications seem like they can kick off much higher depreciation amounts but seems like trying to roll those over and avoiding depreciation recapture might be a bit tougher due to the lack of control and limited option set of 1031s for syndicates.

Especially in a competitive market like this.

The one thing they lack is pulling vacant land lists, at least in my area.

That said, if you're looking to buy this property, the most concerning thing is the lack of book keeping.

In the event of a big money suit that draws your insurance company in, think about how not re-keying gives your insurance an argument to not pay due to your lack of diligence in cutting off one option of potential harm to your tenant over which you have complete control. 

From knowing the area, I would say surrounding counties are probably cheaper and with less competition.

Well there shouldn't be much lack of distressed property after the "mostly peaceful" protests. 

We have strict standards on the linens, mattresses, etc. that are used in our listings, avoid the max beds and heads strategy, and always make the beds unlike our competition that just drops a bag of linens, because the data shows that people will pay for that convenience.

Perhaps one of your parents is willing to be a non-occupying co-borrower on the loan to help supplement your lack of income?