Here are the basic steps for investing in a real estate syndication:The sponsor announces that the deal is open for funding, usually via email.You review the investment summary deck and decide to invest.You submit your soft reserve, telling the sponsor how much you’d like to invest.

It's the cheapest unit (about 20-30k cheaper than other current comps that are rehabbed) in the building and needs some light reno (floor, paint) and has a long-term tenant in the unit that has been there almost 20 years. 25% down (investment), 3.19%The drastically-below-market rent the tenant pays JUST covers the mortgage/taxes/hoa/ins but no "soft costs."

The key is DO NOT soak the dry wall until soft.

Using established value of made up property from a CAP rate of 6% say $1 million dollars.If hard costs are $500k and soft costs are $100k$1 million minus $500k minus $100k would give us a property worth of $400k.

Not sure what lenders you are using, but some lenders do soft inquiries for repeat customers. 

Time to research who he used for title, type of entity, who is his CPA, look for a soft introduction.

Likely though you will need to professionally clean any soft surfaces such as carpet, draperies, or furniture.

Got a soft LOI for $49mAll my buildings have appreciated a ton -- but I've also got to enjoy a ton of cash flow from them in the meantime. 

"pain and suffering", "future loss of enjoyment", "rehabilitation for the injuries" - 20 visits to the chiropractor who would need x-rays, MRI's to make sure there is no soft tissue damage, who the heck knows?!?

@Dan Bass how much do your 8 properties produce in rent?