It is important to nail down the responsibilities of everyone operating agreement. 

As a long time fan of rental properties, I have finally turned the corner, and plan to invest our future real estate allocation into multifamily syndications.

You hit the nail on the head with these words, "my intentions are to learn what others have done in a similar situation". 

@Joe Splitrock, you hit the nail on the head. 

You must know the rehab budget and nail the ARV (it can not be a guess or estimate, it must be based on actual sold comps in your area.

Hi Fam,  I finally made a profile after listening to so many podcasts and I have a question that I can’t seem to find the answer to.

Finally, my wife and I decided on house hacking as the best opportunity to get started since we decided to move from one state to another. 

@D MackHi Mack, you will need to send copies of all your lease and option documents to the title company in addition to a Purchase and Sale Agreement which will capture the final sale price agreed by the parties and a closing date. 

The final step would be to dissolve the agreement since they were most likely in breach of contract.

If you're offer is accepted you have at least 2 opportunities to see all units before closing, during your: (1) inspection, and (2) final walkthrough right before close.