I entered into the second JV in May 2023 for a simple rehab that should have only taken 3-4 months to finalize.

The filing process was simple. 

Try to keep it simple.

A simple business decision that's up to you.

@Bob Gruenig it might help if you could clarify what you're trying to accomplish with the LLC strategy.The most simple and common way to invest in a syndication is to put money as an individual.

Could it be as simple as finding a good Realtor, buying in a working class neighborhood, etc, and renting it out?

Grace Property Management is pretty decent.As for the draining of the buckets, simple solution. 

Simple.

More of a simple screening tool, and at least I have some kind of idea for who to go after if there are damages of fraud. 

I'd check out Natalie Kolodij's podcast- she knows her stuff and she makes the concepts simple and interesting.