@Doug Webb for commercial class residential (5+) units, the general guidance you'll get is that you should be taking possession via an LLC, as there are no real advantages to not doing so besides the minor overhead of forming and maintaining the entity.

Also, equity in general (meaning high net worth individuals/families, hedge funds, institutional) are only going to back  experienced developers when it comes to an asset class as niche as data centers, especially since there are so many things that can go wrong: what if that submarket doesn't have a need for that use by the time you are entitled? 

So now I’m managing 4 higher end condos with class A tenants, and not the 9 others that were class C.

We have two loops where STRs are successful and the class of property you look at in either loop is very different.

Syndications are naturally a higher risk asset class so you should be getting rewarded for taking that risk by getting more return than the stock market.

Maybe he can chime in.Here is a guide about choosing a custodian - https://www.investopedia.com/retirement/finding-custodian-se...I thought it was interesting reading, but especially to get one who is familiar with the asset class you want to invest in. 

I'm kind of in your boat -- willing to jump in the deep end and do the work in order to earn financial freedom.

$34k/door, D class property in a C+/B- area How did you find this deal and how did you negotiate it?

New asset class - Rural How did you find this deal and how did you negotiate it?

I recommend for out of state investors to buy in a class B or A area and a nice well occupied building.