After that, they sent me a "Conditional Commitment Letter Proposal outlining the terms of my deal with them. 

There was a great post on here recently that outlined a lot of the problems these properties can cause for an inexperienced investor: https://www.biggerpockets.com/...

Things to consider when buying a condo in PCB: This section outlines the requirement for mandatory structural inspections of condominium and cooperative buildings in the state of Florida.

What's the best way to legally outline boundaries? 

No worries on your terminology lol yes, I basically am the help...I prefer to say the "sweat equity" but it's the same thing haha and I totally agree, I'll certainly be sure to pay back my investors before paying myself, but I also need to outline the scenario where this is a success to see what my potential upside is.

Per the Participation Agreement all insureds sign, we are a monthly reporting program and are required to provide a 30-day notice outlining any coverage or cost changes, which was sent via email.

If it's the second option, it sounds more like a JV than a syndication in which case the partnership agreement should clearly outline each members responsibilities (both financially as well as management related).

Per the Participation Agreement all insureds sign, we are a monthly reporting program and are required to provide a 30-day notice outlining any coverage or cost changes, which was sent via email.

I would clearly outline a lease break fee if the tenants want to move out early instead of charging last months rent upfront.

Instead, focus on having a well-drafted written agreement with your partners outlining the co-ownership structure.