@Kenzer Hodgson For your STR, an umbrella policy can provide liability coverage, but an LLC offers additional asset protection by separating your personal and business assets, which can be valuable in case of lawsuits or audits.

Additionally, there typically are additional state protections (outside of the agreement) based on where the fund is located.

I'm not saying this to deter you, but there are some additional regulations I think everyone needs to know before they jump in. 

So if you are doing an addition, you are only contributing to the structure portion of value, not the land value.

In general these are either growth markets or markets short housing that has significant hurdles to adding additional housing. 

Additionally, I have $100,000 in cash in the bank, and my monthly expenses for my home and family are around $3,500.My wife earns between $100,000 and $120,000 from her W2 job, while I've recently lost my job but found a new one that pays $65,000 a year.

Specifically I would love additional guidance when it comes to the process of forming a syndication to purchase apartment buildings.

In addition to the interest of the loan, you'd also be paying this as well. 

However, it’s important to ensure the area is safe.

I don't have time to keep going back and forth here; you are welcome to contact me directly for additional details.