In today’s high rate market, 1% ratios do not cash flow at high LTV in most markets.   50% expense ratio $2550. 80% financed at 7% (OP indicated and does not include the plumbing) P&i $3,332/minth. $5100 - $2550 - $3332 = -$782/month after achieving market rent.  

Ask questions, get to know the renters, and document the condition of each rental so you have a record from that point forward and can hold tenants responsible for damages.Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

When you break down the HOA fees vs a expenses on a single family home, you typically see comparable numbers with the exception of amenities maintenance, which as you have already suggested, can drive up income & demand. 

Before the Karens potentially in this thread get self righteous I am not providing legal advice and @Adam M should retain proper legal counsel to prepare all documents associated with this syndication including compliance with SEC regs. 

This forum has been a great resource for learning thus far, thank you everyone for contributing.
My spouse and I are W2 employees and have a few investment properties but all of them are LTR. We are interested in mak...

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4. complete your BP profile - Include website links, social media handles, or other online profiles so that people can find you.

Its fine that you break even a bit. 

I will most likely break even.

Most people including myself are very against it here.