There are numerous ways to do it. 

I could also just do a straight arbitrage/master lease but prefer the co-host model as I see it as more equitable and disperses risk and reward more evenly between myself as the co-host and the syndication LLC as the property owner.

All can have different risk reward scenarios, all can have different perspectives.  

The people lending you the money will have done numerous deals.  

With that said, if you decide to change your plans and not get into REI that solution will still reap it's reward for peace of mind.

And still almost 4 month since then, I have asked Nomad numerous times for anything that would help me understand the new tiers and how its different from previous division of responsibilities. 

@Sean Kirk As someone who owns a Property Management company in Birmingham and has experience working with both Turnkey providers and Value Add investors, I’d recommend steering clear of Turnkey properties.While Turnkey properties offer a lower barrier to entry, they also come with much lower rewards.

And don’t forget that your legal bills, process server fees, etc are higher.But even after the expenses and the higher maintenance, the reward of the much higher NOI is there to be earned.

What you’re describing, often called Residential Assisted Living (RAL), can definitely be a lucrative and rewarding strategy if done correctly.

@Chris SeveneyDebt adds risk AND reward.