The legal and compliance side of a fund is much more complicated than a single syndication deal.

Or is it more complicated than that?

The US is one of the few places where even foreign nationals can purchase real estate without too many complications. 

That is not an issue.the question is how to coordinate the two sales and one purchase. if it’s too complicated, may just pay the capital gain tax.Quote from @Bill B.: You lost all hope at step 1.

Seems very technical and complicated.

.- If the tenants cause their neighbors to suffer a loss, through bodily injury or property damage, their Renters Insurance will provide protection that would compensate the injured party.

This can work well for an individual investor, but can get quite complicated for a partnership. 

The intrinsic complications of a contract should be overlooked by a professional. 

Quote from @Nicholas Petrozzi: Nobody can answer that without knowing your finances, your skills, your drive for success, and 82 other factors that can't be discerned from your post.I can tell you that you shouldn't set your bar too high or make things too complicated.

That could pose a lot of issues with zoning and permitting making things more complicated.