Not going to dive too much further into DSTs, but I will say they are a great tool if used properly.

A properly structured syndicated offering will be an LLC as is, therefore, from an asset protection standpoint, there is very little point to forming an LLC just to participate on the LP side.Now, if you are trying to pull partnership money and charge the partnership a management fee, which sort of makes you a feeder fund into the syndication, then there are a whole host of questions for an attorney. 

This "guest" will be a tenant in the eye of the law so then you should treat them as a tenant and properly screen them and have them added to the lease. 

Would the proper approach to our final sale price be based on comparable price/sqft homes?

This ensures income is properly reported for both years.

Sure, but it's called creative financing which of course we teach, and in my humble opinion requires someone who knows what they are doing to properly put it together.  

.- Increased Travel and Communication:Regular visits and long-distance coordination can increase both time and expense.- Legal and Tax Complications:Navigating different state laws and tax regulations can be complex and confusing.Out-of-state investing can be a great way to grow your real estate portfolio, but weighing the benefits against the potential challenges is essential.

I’m looking for advice on how to do this properly. 

Be wary of TX property tax as it is very expensive and can impact cash flow if not factored properly.

Thus, the next challenge and frontier for many DSCR lenders seeking to serve the growing number of real estate investors pursuing this strategy is to cement a qualification and underwriting methodology to properly qualify MTRs and accurately project their revenues.