Joe's point about insurance is valid.There are a number of things going on here: Federal and State tax implications, management, asset protection and bookkeeping/operational aspects to name the big ones. 

Our current team consists of one executive, his assistant, a maintenance guy and a bookkeeper.

You either need to have a copy of the syndication's tax return or their profit and loss (P&L) statement or otherwise get this information from the syndication's bookkeeper or CPA.It only works if you have significant rents outside of your syndications, and your share of the syndication's rents is small in comparison, under 10% of the total rent across all of your holdings.8.

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

@Simon W.Hey Simon - I think the LLC route would work but I like the seller-financing route better.The LLC route would be costly$500 approx to have an attorney draft an operating agreement + create an LLC$1000 approx to a bank for loan origination fees + home appraisal$500 approx for annual bookkeeping + tax return prep fees.$500 to dissolve the LLCI am not an attorney so I can't speak on the liability protection side - but I would imagine there would be some protection with the LLC route.

He had also done bookkeeping , const and mgmt.

We have our own full time bookkeeper also.

First of all did you do your bookkeeping?  

I do all of my rental bookkeeping in Buildium and find it sufficient for my needs.

When it comes to bookkeeping I highly recommend either:Outright.com orIndinero.comI've used both of them at one point (now I'm just using Outright.com) and they do an amazing job keeping track of all your transactions including expenses.Just make sure to sync up your business accounts (debit cards, credit cards) and it'll do the rest.Its really easy and super helpful...some people have called it a MUCH COOLER VERSION OF QUICKBOOKS :)