If I ended up getting only the gas furnace, it was going to be 10k but both the gas furnace and AC were 18+yrs old and at the end of their life cycle.

And even then, the life cycle is generally pretty long from first contact to closing.  

ThanksFor most LPs that invest in multifamily syndicates there are passive losses that build-up (e.g. depreciation, etc.) though out the lifecycle of the syndicate investment.

When you say 40% annualized is that per year or over the entire life cycle.  

I would echo what others have said - 100% start locally because you need to gain an appreciation for what it means to be an investor, understand the lifecycle of a deal and be on the ground to observe what's going on with renovations etc.

As a moderator can you guide me:1) Is there a syndicate in BP which has gone through all the 4  real estate life cycle (recovery, expansion, hyper-supply, and recession) ?

Quote from @Sanjay Bhagat: 1) Is there a syndicate/s in BP which has gone through all the 4 real estate life cycle (recovery, expansion, hyper-supply, and recession) ?

They remain available to assist investors throughout the investment lifecycle, whether it involves refinancing options, addressing financial concerns, or facilitating future funding needs.

You want to look at deals as having a life cycle. 

However a key to that is that you need to bomb several times due to the lengthy life cycle of the fleas once they get inside.