I know ethically, it's not right you get stuck with the bill, but I'm more concerned that you don't attach your name to something that could potentially cause you way more drama down the road.

This is not my area of expertise but I think it is a worthy cause worth possibly exploring. 

Whatever comp structure we negotiate would be between us and wouldn't cause it to be considered a security, even if that structure included a preferred return similar to a syndication.Is that a fair restatement of your comments?

But interestingly, its a great deal to have syndication cause CAGR for GP is substantially high even though they don't collect preferred.

Am I overlooking anything that might cause them to feel otherwise? 

The cause seems to be from the tenants flushing condoms, wipes, tampons, etc...

All in all, while the numbers work out, is the quality of the tenant pool and the market in this area valid cause for concern? 

Hell we didn't know, we didn't feel it(any richer) cause we just kept plugging away.

Those large issues being the following:The basement that is mostly underground is unfinished and the house sits on the side of a hill, so when it rains, the water builds up around a few areas and eventually over time will penetrate the concrete blocks in the basement causing mold to grow on the wall and make the Drylok start to peel in the areas that have the moisture issue.

.)- Deteriorated or damaged windows (A little more difficult to spot quickly.)- Rotten wood (This was the most difficult to see since it takes a couple of seconds to spot and rotten or deteriorated wood can be covered up.)- Damaged mailbox (Either flag falling off, leaning mailbox, or mailbox door unable to close.