I'd take the 'AutoCAD' approach, myself.

We also always try and use the delayed financing approach if possible as we can recycle that capital as soon as we close and sink it back into another deal. 

After all, banks require a separate EIN for each series and each series is a separate entity for all purposes.My approach is to use both the series name and the LLC’s name in the EIN application.

@Rama MulpuriFYI On a geographic simplistic approach, the closer you are to I-45 in RR and to I-35 in Pflugerville, the better you’ll be.

I would focus on putting your team together before approaching someone to sponsor a deal for you.

Determine what it would sell for on a comp-based approach as a 4 unit (they don't sell based on cap rates) and determine what it would sell for as a Cap rate 5 unit.

I would NOT recommend that approach at all .. its just as easy to lose your butt as to gain a little bit of equity do all that work..

This should simplify your approach and help you avoid legal issues for failure to perform under the contract.

Bonus depreciation can be a powerful tool if approached correctly, and has the potential to create substantial tax benefit, which can be used to offset the gains incurred from the sale of your rental properties.As you seek investments with bonus depreciation, keep in mind some property types will garner more benefit than others.

And then they lose that huge benefit of free tax writeoff vacations.Since you want to travel out of the country I'd maybe recommend a more passive approach like @Greg Scott said.