My wife and I along with our two children are pretty rooted in our current community and love it there, but are very interested in REI. 

We will be moving to the Kansas City area this summer and know the current real estate market is red hot. 

Started pressure washing the brick and side walks, turns out the bricks are indeed red who would have thought.Hall way #1 is in the spackle stage and trim has been sanded and painted, was much worse than we thought but will be pristine shortly, next up is replacing the stair treads and risers.Mail boxes have been moved out of the hallways and centrally located, most of them were only holding to the wall by a wing and a prayer and the mail carrier appreciates the update.With the nice weather lots of folks out and about back and forth from the beach access at the end of the street, lots of the neighbors stopped and thanked us for cleaning up the property and welcomed us to the neighborhood. 

Why shouldn't I, as an LP, treat Unreturned Capital Preferred Returns as a notable red mark against the deal?

I do have concerns with how red hot the multifamily syndication market has become so I am vetting other options for capital deployment.

It comes across as a giant red flag on the listing, like everything before was a lie.Is it really as bad as I'm making it out to be?

Any pitfalls or huge red flags I'm not seeing?

I don’t see it as an automatic red flag, depending on how far out the potential tenancy is supposed to start.

Other "damage" that we've had to use funds from this account to pay for were small things like a new coffee pot (when the lid was melted in the dishwasher), a new set of sheets that were damaged by a wet bathing suit bleeding red dye, and a new twin mattress when a special needs child accidentally wet the bed.As for security deposits on AirbnbI learned recently that if you use OwnerRez PMS software you can charge an Airbnb guest a security deposit.

There are a few red flags that I see quite clearly now but kind of turned a blind eye when I signed the lease and am completely regretting it now.