Like others have mentioned, it's beneficial to you and your business partner to ensure the LLC is established in a way that does in fact limit your liability. 

To meet the IRS requirements for STR the number of personal use days is limited.  

The average price per land for urban infill going 6-12 stories high on a higher density product is about 5 million an acre up to about 25 million an acre. downtown market premiums I've seen at the highest are 1200 a sq ft. in columbus you can get land about 1.5 million per acre downtown at best price, sells for about 600 a sq ft max, very little competition compared to miami. tampa I didn't really look at too much because miami has 22 zip codes that you can build at least 6 or 8 stories on and just a much better landscape than other markets. tampa is a little bit bigger than columbus but in my opinion more of a suburban market. miami is landlocked and very limited so everything is in redevelopment. both are amazing opportunities but the barrier to entry is much higher in Miami with the smallest plots of land infill going for at least 1.5 million I would say in areas like Wynwood Norte, Wynwood, etc. we looked all over but prefer east of 95 due to the condominium opportunities. multifamily is very strong in both markets but the condo premiums make it almost silly not to do one from the start and the use of deposits versus a single asset lease up and disposition is a longer sales cycle than the condo buildings being sold out prior to completion.

Also a person worth 2 million who invests 200k into a syndication might take them many years again to invest with you because of limited capital.  

you are able to utilize the DSCR loan which is limited doc and are able to cashout upto 80% of the equity .

Based on my limited knowledge, my understanding is that my wife and brother-in-law both have beneficial interest in the property.

@Fernando GuzmanFor Property 1, the $1,000 monthly negative cash flow could limit your growth, despite the tax benefits.

2) When using other people's money to invest, what is the best way to set up an agreement on a limited budget?

This documentation can be invaluable if any issues arise later.What to Do if Applicants Don’t Have ReferencesSome applicants won’t have any—or limited—rental references, usually due to their age or being prior homeowners.

But I understood that there is California Code that enables and limits what laws cities and counties can enact and enforce.