Can you please elaborate why the business activity nature of STR will be treated differently due to part of the property being primary residence and under which rules?

Based on what I remember, it gets even more complicated if the 401k is from a previous employer.In your case, since Fidelity is declining the account due to the nature of the retirement funds, one option might be to consider rolling over a portion of your 401k into a self-directed IRA, which typically offers more flexibility.

It's human nature. 

From there you will likely naturally grow by referral, and host will give you experience in how they manage what it is they need you to do (something you would do yourself when you're a host/co-host).

@Kristi K. - not to me.

Naturally, that has led me into looking at some different markets.

Also ask who the natural buyer is if you choose to sell the property they sell to you.

The best benefit of syndications is the passive nature and the amount of information you can gather.

Your Natural Hazards Disclosure should have some of this but it is tricky.I think if the equity is there and you can move the money to a better producing asset, I think I would sell.

If that's the case, it may be simpler to just talk with the syndication sponsors to see if they'd make an exception for you.In general, mixing money across your natural financial boundaries has some risk, so creating partnerships like the one you describe should not be done without due consideration.