One thing driving high prices in apartment buildings recently is the low cost of funds, which means that there is a lot of loose money out there.

Has anyone here done a syndication in excess of $1 million?

When the IRA LLC generates net profits in excess of $1,000 you would have to file a tax return. 

As @Ryan Pyle said you will not see all that rent because of vacancy and collection problems and your cash flow will be impacted by excessive wear and tear and theft/vandalism.  

Hi @Sheri Fierro If you are concerned with excess water usage, I would suggest to replace the toilet fill valve.

Personally, I would discuss this with a knowledgeable real estate attorney before I did that.Think about it, you don't have to tie up all the loose ends so to speak.  

I had to turn down loan requests where the transaction was not in compliance with law, it's not valid and the deal needs to be restructured, that isn't always easy without going into detail explaining why some seller is selling at a questionable price or making excessive concessions.

FO factors are dealing with the property itself, poor fool plan, like a 7' ceilings upstairs, bedroom or only bathroom off a kitchen or living room, an attached garage not having a door leading into the house, an excessive utility easement that restricts the use of a significant part of the backyard will have a negative influence on value.

Vacant lots are looked at as to sq ft but, when you get into excessive land on a lot, like a much deeper lot, the value of the excess to the rear won't carry the same value as the front area that is required for the type of building.

Get this one off the books and use the funds to tie up loose ends and grow your business.  15%k is just a small % on the overall purchase price, and with only 50k in loans, what a good place to be in!