A promissory note could be executed to match up cash flows. 

This can separate the liability from your higher liability operations from your assets when executed correctly.

Bigger is better in my opinion if you're ready to execute on the ownership aspect of the larger property.

The Executive VP is a stickler with the money.

Then you would show how you as a syndicator the specific strategy of multifamily properties you are investing in and the business plan you will be executing.

Not that difficult to execute. 

@John VanharaImpossible to answer the question without reading the executed lease.

I have been told by a real estate agent that if I want to execute an assignable option agreement with a property owner that gives me the right, but not the obligation, to purchase the property at an agreed price during an agreed period of time, I must do this through a real estate agent.

On that JV each one of you would have active roles according to your areas of expertise.If you have the idea of  bringing passive investors into the deal where they only provide the capital and have no active involvement in the execution of the business plan and operations (ie passive investor), then you would be moving into Securities land and that's an SEC regulated world. 

Definitely agree with @Jay Hinrichs that the Midwest is an area that you can execute the BRRR.