Does anyone have advice regarding doing a 1031 exchange, where the goal is to take title back as an individual and dissolve the LLC that the relinquished property was held in (without triggering a taxable event)?

The reserves each individual or person decides on can be subjective but a general amount is 6 + months of cash for all monthly expenses. 

Which option is best will be individual to you.

Sometimes a pestering police presence can be a deterrent.If the suspicious individuals are engaged in criminal activity, calling the police while it's happening helps too.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

(Other financing arrangements might be possible.)You can only obtain one home equity loan per year, even if you have fully paid off the prior home equity loan.Regulation of LendersTexas restricts who may lawfully issue a home equity loan.An unlicensed person is not permitted to make a home equity loan unless that individual is either related with the borrower to the second degree, or is the seller and is providing financing for the property.A home equity loan must be secured only by the home itself, and the lender may not attach the loan to any additional assets as collateral.

Do each of the individuals investing in the syndicate need their own LLC?

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

If the Multi-Fam does not have individual utility-meters for all units, then you have to figure out what to do or it can potentially eat away at your cash flow.  99% of Single Family homes do not have this problem.These are just a few pros and cons.