It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

It's like a lease so you are protected if they squat. 

If I were in your shoes and you wanted to keep them on MTM I would have them still sign a MTM lease and make the one resident pay a deposit, assuming you can sign new MTM leases in your area.I personally would still probably shift them to longer-term leases anyway, but it's not a bad idea to feel them out for a few months.

A syndicate is already an LLC or a LP so I don’t see any added liability protection by having a second entity layer.

Seems you are new to this- you can get just as good protection by working with an agent or broker and will see more deals through developing that relationship. 

Hey my name is Julian Frazier, I am a nineteen year old resident of Cincinnati, Ohio.

My wife and I own a condo as our primary residence, we owe 216k on it.

I currently reside in CO so looking to invest remotely.ThanksHi Mathew, I would also recommend looking into the Columbus OH market if you're planning to do BRRRRs.

I don't think either is "more protective" than the other. 

Every adult residing in your rental should apply, be approved by you, and sign the lease.