The downside to them is that they would not get to participate in the overall profit of the project if it all goes well, but of course they also have less risk than everyone else.If they want in as equity investors, you should consider an LLC or a Limited Partnership (with the LLC as the general partner). 

I have spent my time working my way up the ladder from starting in loan servicing, to becoming a loan officer, now working in fraud and risk management. 

There were definitely some risks involved like.

Might get $3000 through Airbnb for a 1 bed; for me the extra work and risk aren't worth it. 

I don't think they necessarily have the best rates but they are who I have used for my 2 properties (one of which had a seller carry-back and construction loan too).   

I strongly believe that carefully vetted commercial MF syndication is a good investment vehicle due to many many reasons (professionally managed, more passive, economy of scale due to large units, spread of risk due to multiple partners, and all the goods of Commercial MF like forced appreciation through value add, not only to mention all the tax benefits)...

Don't think I am willing to take that risk and work my butt off to making the lender his interest while they sit back do nothing and collect. 

As with anything, don't risk it if you aren't willing to lose it.

I am not adverse to risk but I see low spread between cap and debt as not worth the trouble.

And as @Basit Siddiqi pointed out, you will likely need to file an Ohio nonresident income tax return to pay tax on the income you earned from the property in Ohio.Regarding whether you want to have an attorney look at the lease, that depends on your risk tolerance, the type of property, the type of tenants, etc.