So on a 12 unit, I would keep an operating cushion of roughly 24-30k. 

You will be able to take advantage of it in a SDIRA if the syndication also has taken on debt and therefore passes UDFI on to your account. 

No one can answer questions like this because the strategy depends on the investor's level of interest, financial framework, location, and many other factors.

My spouse and I purchased a home in Nov 2023 (that we will move into in about 1.5 years), that has an additional 2 bedroom apartment and 1 bedroom studio on the property.

You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.

Check out NerdWallet for tips on budgeting and debt management.

I plan on holding this home long term due to the low interest rate (2.75%) and renting it out long term to cash flow and build equity simulataneously.

Any opinions on short term vs long term rentals? 

I've reached out to my local group for recommendations on where to go from here.

Its way easier to take a couple million from a bank or credit union through a Line of Credit than it is to please 100 small time investors with $50k invested.