Just make sure to consider the potential limitations if you do decide to move later on.

This residency requirement would apply for a specific period, so it's important to be aware of its potential impact on your plans.Its important to carefully evaluate the distinct investment opportunities offered by Colorado and Florida.

It's best to review with a good RE attorney, potentially a business attorney, and your tax professional to make sure you're set up to avoid mistakes along the way.Also, discuss the ramifications of how it works with your lender (if there will be one) as not all lenders and loan programs are created equal when dealing with LLC's.

My portfolio currently consists of LTRs and I am actively looking to expand it to include more SFH LTRs, and MTRs (potentially student housing). 

Buy or inherit and hold for a long time, then cash out and redeploy equity into potentially higher cash flowing properties or other investments.2.

It's also wise to research property taxes and any potential HOA fees. 

Overall real estate syndicates is not for everyone because you have to realise that you may have very limited control over investment, fees and expenses the syndicate, potential for conflicts of among members.

Quote from @Will Reed: There is potential to increase revenue, but you need to think this through.

And/or are you willing to go through a potentially more rigorous underwrite to get better terms (possibility, depending on what you've got on your end). 

Owner financing could be a game-changer, but 10% interest on a 30-year might be a bit steep for potential buyers.