Do you engage an RE lawyer instead of agent to draft the agreement?  

I would like some insight to my present situation, i know we are not lawyers but i would like to listen to different opinions with the hope of gaining some knowledge.

This will also help you leverage someone else's analysis, a Title Company, a team of lawyers etc to learn the documentation, steps, and overall steps involved by spending none of your own money!

If I have a multi million dollar umbrella policy, you can be confident that the insurance will play a big role in any lawsuit and provide legal counsel and lawyers if necessary

Are you all working with a CPA and Lawyer?  

Start talking with people in your market, especially the professionals other than brokers, like lawyers, accountants, mortgage brokers, and especially property managers.  

No need to get a lawyer involved.

Also, anyone in Southwest Florida have a syndication lawyer recommendation?

You will probably need help(hire your own sharks, ie brokers, lawyers) and have to pay for it accordingly.Lastly, the above pain points are all manageable if you are prepared(good brokers/partners and realistic planning) and well funded.

Of course, you should ask a real estate specific lawyer familiar with your state's laws but from what you laid out here, I see nothing illegal.