About me, most of my assets are RE but in another market so I would be diversifying in that market.Potential for appreciation is very uncertain: prices have risen a lot locally lately and are as high as they have ever been, and it’s unlikely higher prices would be affordable by locals.

Are there other legal or financial consequences I should be aware of?

Something I caught within 10 minutes of looking at the financial.

Go search the topic "Lifestyle Asset University" here on Bigger Pockets and you will see a longer thread with a lot of opinions (most are not members) but still worth a read as there are a half a dozen paid members from our group who have commented on that thread.We were formerly called Lifestyle Asset University, but I didn't realize that you couldn't use the word University in your company name here in Utah so we changed our name to Vodyssey. 

Besides the financial liability, I would not want the mental trauma and anxiety of knowing a kid had died in my pool. 

Reason is a Heloc generally carries a higher rate on a shorter term and "Can Never" be used as an "Asset, or for PITI reserves" which are both required when you buy an investment property. 

If you need 10 minimum and have to hold those non-paying tenants until you get 10, what does that cost you in your financial model?

The FFE and other assets of the business cannot be 1031d anyway. 

I want to be sure I’m structuring things in a way that protects my assets while allowing for growth and still keeping money partners protected.Any feedback would be awesome. 

They also ask people to look into their financials and assets at the sales event.