@Tom McDaniel After dissolving the LLC, each individual partner would be considered tenants in common and the interest would then be distributed evenly to each partner.

Rent backs are super common.

What all types of residential development have in common is the due diligence and planning process on the front end.

My only thought is the common element over 3 years is the owner. 

Another common thing is families coming for graduations since this is a training base.

Just wondering what common practice is for most other investors who invest out of their home state. 

It is increasingly common for a PM to charge a "leasing fee" which covers all the costs of marketing, showing, screening, placing tenant under contract, collecting deposit and rent, setting up utilities, getting the tenant placed, etc.If the PM can't justify the cost, then they shouldn't be charging it.

@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.

Probably a dozen more reasons than the 5 most common/important above."

Should they be made into a small common area that the main unit also has access to?