I am happy to speak to what I have seen as the most common set up from a tax perspective to give you a starting point for a deeper discussion, but ultimately you will want to speak with your CPA in conjunction with an asset protection attorney because this requires a deep dive into your specific situation.  

It sounds like you have $5-7k/mo worth of cash flow margin to work with even if things decline. 

I specifically focus on subdividing land and multi-family new builds.

I know Proper is specifically cited for its comprehensive coverage, which is detailed very well on their quote -- everything from liquor liability to assault to sinkholes... 

Specifically, I'd appreciate insights on:Finding LPs: How do you go about finding limited partners (LPs) for syndication deals?

Specifically, shower tile with grout missing, tiny thin grout lines, gaps in overhand coverage/not sealed, and the list goes on.

I would start listening to podcasts anytime you are in the car/walking/etc to learn up on any specific aspect of real estate.

What has specific exclusions or limitations? 

So just recognize this could be lengthy process if they default.If it was me, I would take it as a non-refundable deposit with a letter of intent and a purchase and sale agreement that the money is a down payment, is not refundable and they must execute the closing by a specific date otherwise they forfeit the money.

I'm still absorbing info at a steady pace while trying too build a network. haven't come across any deals that work for me yet but I have been sent a few from a couple people i've met so far. i'm still open to any one that can send me deals in the CT area. i dont have any specific market singled out, but my budget will pull towards then lower classed markets, which I'm fine with. thanks in advance.