The answer is usually obvious if you can take the tax hit, but in your case assuming 5-7 years away from needing/wanting to distribute money to yourself, this is a decision you need to make with your tax advisor.

It's important to understand the difference, and I'd recommend sticking with the REIT with depreciation advantages.The Tax Cut and Jobs Act (TCJA) includes a 199A deduction and applies to certain income from pass-through entities (including REIT dividends) and allows individuals to take the 20% deduction against REIT dividend distributions that yields an effective tax rate of 29.6% or 37% (80% for upper bracket filers).

Have you noticed on BP thread after thread about assorted syndications suspending distributions, going belly up, taking measures to prevent going belly up? 

And a good # of the "fluff" multi family deals of recent years that were underwritten very aggressively (floating rates, high leverage) are having to stop distributions, raise more capital or in trouble.

Ultimately, what drives real estate values is supply and demand and the income you can derive from those properties.

SpaceX now has a rocket testing center right outside of Waco, Amazon is currently building a huge distribution center in Waco, and BSR Surf Resort & Cable Park built the #1 wave pool and cable park in the world, making Waco an international surf and wakeboard destination.  

Could also rent it out, controlled by an agreed upon third party that distributes equal pay to each party, and hopefully could also pay the mortgage out of rental proceeds so neither of you are on the hook.

I think the technical term is distribution. 

The key is marketing on a wide distribution of channels to get a billboard effect and attract those mid term renters.  

Most people have to determine how to distribute income effectively from the assets they have gathered.