In a “nutshell”What can work - partnerships where each person brings a different necessary asset (knowledge, experience, time, capital, credit) to the table, the responsibilities, rewards, and expectations are clearly spelled out, legal documents are created to head off disagreements, and the parties are compatible.What doesn’t work - partnerships formed by two or more inexperienced people looking for “comfort” rather than going it alone, and anything other than the above. 

The servicer may have their own fees, rules, and disclosures.Agent crosses a line to disclose rates, legal ins and outs, terms, and disclose the loan which even a broker license doesn't cover.

From a legal and liability standpoint, it is imperative to keep all three properties in separate LLCs and to keep the accounting separate as well.

@Jeff StevensonYou really should consult a qualified professional or two, specifically at least attorney.So far, your lender is correct that legal entities, such as LLC's, are not eligble for conforming residential loans. 

For information about the legal implications of syndication investing and structures. look at Mauricio Rauld, a recent video:How to Become an Accredited Investor | Updated 2024 (youtube.com)5. an obviously read all the threads on the BP thread for syndication investing under forums/real estate strategies/ syndications etcgood luck

I know some people that have property free and clear don't care if they lose it and only carry liabliity insurance to protect against accidents on the property, medical or legal bills, etc.Do I have no other recourse but to carry full coverage?

I wouldn't seek legal advice like this on here.

Any legal or logistics barriers that I should look out for??

If i decide yes, how can i lock myself down in addition to security systems, cameras, legal self defense, and anti-theft door/window stoppers?

(Unless specifically specified by statute or legal agreement, both of which are unlikely).The court doesn't always look at the "letter" of the incident, they look at the intent.