While it sounds good from a diversity viewpoint, it actually increases your risk because you're unlikely to be a master at all of them.Additionally, be sure to understand Class A, B, C & D properties for each area you invest.

I ended up not investing for a few reasons even though the syndication sounded interesting:- They said they were oversubscribed but would still accept some additional funds.

This type of financing will typically look very different and more like a traditional commercial real estate loan.That means a DSCR calculated based on a full NOI and expense load (so inclusive of vacancy loss estimates, credit loss estimates, repairs and maintenance, utilities, management fees and more – in addition to the property taxes and insurance expense that are the only expenses factored in on traditional residential style DSCR loan financing).Additionally, the DSCR minimums are generally going to be higher (typically up to 1.25x), the loan to value ratios lower (higher down payments) and underwrite more sophisticated (which makes sense considering the size and scope of the property).Many multifamily investors for properties of this size (such as more than 11 units) can syndicate capital and have more sophisticated financial and entity structures – its definitely a different world once you get up here in unit count.In Conclusion – when you are looking to invest in multifamily real estate and finance your investment – make sure you have the unit count in mind before you start shopping – the unit range can have a huge effect on your options.

How can I assess its potential and mitigate risks effectively, especially given its location?

@Melanie Hernandez two questions to ask are: can you effectively and profitably run a STR business giving your guests a wonderful experience and can you provide value to and mitigate risk for your property owner?

It sounds like a problem tenant.

Sounds like you got some great opportunity!

Tax benefits with or without an LLC are effectively the same.The best protection starts with 1) ensuring your property is in good condition 2) following the law 3) having good insurance, possibly including an umbrella.  

If you're ok with this, it sounds as if you may be starting to outgrow your current tax advisor so it may not be a bad idea to seek someone else out either this year or next year.

Remodeled the upstairs effectively adding two bedrooms and one bathroom What was the outcome?