If this has inspired anyone to look further into the program, there's one more important distinction between the two programs: ease of recruiting tenants.

@Anthony Lee  thanks for that distinction.  

They will give you draws on the repairs after each segment is completed.

We may not be at top, there may even be a dip followed by a rally (just like stock market in February) but it is looking bubblicious in certain segments/markets.

There is a great value to the FD and I believe the distinction between a conveyance of full interest (land included) is unsupported given the fact that people can donate property while retaining a life estate - but, the law appears settled.

So now you have three syndicated deals, one each per market, in three distant and distinct markets, right? 

The state has three distinct personalities (mountains, piedmont, and ocean), which limits the risk of having all of your eggs in one basket.

And that can be very different in different areas of the country and even within the same neighborhoods but in a different market segment. 

So long term I'm still bullish on NY/SF and other iconic cities.4) More importantly, ss RE investors we have to think about how it will impact our particular tenant segment.  

This is an important distinction in places like Breckenridge/Summit County, where the city of Breck has essentially banned new vacation rentals, but Summit County allows them.Good luck!