Not specific to PPR but with any fund you have to ask two questions:1.

I have been to the DFW area a few times but not specifically to these northern suburbs, but I know that DFW is one of the fastest growing metro areas in the country with a robust economy, and I expect it to keep growing.

Syndications in general are a form of speculation  hoping luck is on your side with a specific market, a specific project and a specific syndicator.

Specifically, I suspect saving on housing (and food?)

This is not specific to any individual or any specific real estate investment, or specific company offering investmentsMost people who invest in passive investments do far too LITTLE research on the investment itself and on the “sponsor”; furthermore most do not understand the investment and many have absolutely no idea exactly what they invested in.  

There are restrictions and unhosted seem to be illegal - https://www.longbeach.gov/globalassets/lbcd/media-library/do...They say that it isn't specifically prohibited but it is banned by the omission.

Any tips on what to screen for specifically?

I also practice as a Realtor because I enjoy it and it is extra income.So as an investor, your options are to get your RE license and have access to a lot of tools and do the research yourself (therefore you're paying with time, energy and a little money) or you work with a great realtor/investor in the specific market you're looking into.

Each CPA will answer the questions uniquely based on their interpretation of the tax law as well as your specific scenario, so I highly recommend having a trusted CPA answer this for you.

There is no specific IRS-mandated minimum holding period for a property acquired through a 1031 exchange before you can retitle it, that's why it's hard to find an answer.