I’d like to build a team and have a property management company involved that way I can utilize my time and efforts on other things besides maintenance. 

If you decide to entertain this, due diligence will involve digging deep into the business financials to understand cashflow, solvency, and liquidity, his personal finances, and searching for any liens or UCCs in place. 

Also, trying to have a hands-free airbnb business seems to be especially hard. 2.Team Up with Experienced Apartment Syndicators:•This option involves partnering with a small group of experienced apartment syndicators to focus on acquiring and managing apartment buildings.

Would there be gift taxes involved as well? 

You could just think of the parent Series LLC as the ASSET HOLDING COMPANY and the traditional LLC as the OPERATING COMPANY.It would require extra costs, since you are involving the formation and operation of an additional entity.

I found this deal off market and found agreeable terms with the seller involving a midterm lease during renovation.

Also, do I need to get a lawyer involved?

These things should NEVER be considered in an educational program much less a program that has self serving owners with over-hyped experience and credentials.Students have been squeezed out of deals that their coaches are involved with.

I really want to find something nearby that I can really get my hands on and be involved in.

The second question involves whether you want to avoid PMI by paying the 20%.