Much of your plan needs to be derived from personal goals, amount of risk you're willing to take, your personal finanical situation, etc.For example, there was someone who posted the other day whose plan was to save up for a couple years, buy a rental, save a couple more years, buy another one, etc.

Transitioning from derivative trading and looking to build a nice rental portfolio for myself and future family!

The value of commercial properties (multi-units apts. strip malls, office buildings, warehouses, etc.) is derived from the cash that it does, or will, generate.

We can always hedge our position in stock/stock index by placing order derivatives that would limit our downside.I am quite mastering this aspect and this is what makes me more convenience for index investing (not stock but index).In syndication we're literally on the mercy of GP (which hopefully a good guy) and the actual asset itself (hopefully they purchase the right asset without so many issues).

Are they likely to view it in terms of what it can and has cash flowed with rents and derive a value based on that or are they likely to go off of the county's assessment?

Based on Noi/Piti derived from the 30 year amortization?

The condition adjustment can be derived (as a %) from repaired vs un-repaired duplexes and triplexes.

@Donald ShaverYou have several issues with your strategy and I would suggest you speak with a professional.Firstly, non-recourse loans will typically require more like 35-40% down and 10-15% in reserves.Combining tax-deferred and Roth funds can be done, but can get structurally complex.UDFI taxation applies on the percentage of income derived from the borrowed capital. 

XXIV.PLACE OF CLOSING: Closing shall be held in the county wherein the Property is located, at the office of the attorney or other closing agent designated by Buyer; provided, however, that if a portion of the purchase price is to be derived from an institutional mortgagee, the requirements of said mortgagee as to time of day, place and procedures for closing, and for disbursement of mortgage process, shall control, anything in this contract to the contrary notwithstanding.

XXIV.PLACE OF CLOSING: Closing shall be held in the county wherein the Property is located, at the office of the attorney or other closing agent designated by Buyer; provided, however, that if a portion of the purchase price is to be derived from an institutional mortgagee, the requirements of said mortgagee as to time of day, place and procedures for closing, and for disbursement of mortgage process, shall control, anything in this contract to the contrary notwithstanding.