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. 

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.

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.

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.  

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

Just a quick clarification for all that put the weight in their feed back as the "EDUCATION". 

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

You can't just always convert an old garage....for example the existing slab must have the proper PSI, vapor barrier, and steel.

Of course, there are a lot of things to look out for...setting up an appropriate contingency reserve for unexpecteds, getting an accurate scope of work, properly knowing what your time-value-of-money costs are going to be, making sure you're contractor is not pulling crews for other customers, knowing codes and getting your permitting right, and the list goes on.