The main challenges of distributed MIMO systems lie in achieving highly accurate synchronization and ensuring the availability of accurate channel state information (CSI) at distributed nodes. This paper analytically examines the effects of synchronization offsets and CSI feedback delays on system capacity, providing insights into how these affect the coherent joint transmission gain. The capacity expressions are first derived under ideal conditions, and the effects of synchronization offsets and feedback delays are subsequently incorporated. This analysis can be applied to any distributed MIMO architecture. A comprehensive study, including system models and simulations evaluating the analytical expressions, is presented to quantify the capacity degradation caused by these factors. This study provides valuable insights into the design and performance of distributed MIMO systems. The analysis shows that time and frequency offsets, along with CSI feedback delay, cause inter-layer interference. Additionally, time offsets result in inter-symbol interference.