Think about renting a car and you pay for the extra insurance.

That structure will usually shield you from inside liability, like a tenant lawsuit, and also limits your actual decision making power.So, if you're trying to add another layer of liability protection, then it's probably not worth doing.Syndications also have a minimum investment amount.

@Chan Le, to layer onto Brian's response.

Are this funds taxable, do I have to declare them as extra income on my taxes.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

The extra month's deposit will cover most of that reducing the risk of nonpayment when they break that lease early. 

If you choose to accept it, make them apply and pass your screening, add them to the lease, and charge extra rent to make it worth your trouble.

Use 1031 funds to purchase the property with extra down payment. 

You keep the extra ticket cash. 

Currently, I am working on renting out my extra room in my 2 bed, bath condo.