So, you may purchase in an area that is not as good as you thought, and the consequence is a poor quality tenant pool.

Maybe I would be more confident with more information and after reading more, but I don't want to be in a position where there is any uncertainty in what I am doing, while simultaneously not being responsible for all of the consequences.

Is it better to Co-sign through a bank and establish a reputation/credit or have the family farm buy the property outright?

I plan to sell the condo to the tenants in 2020 and want to be sure I have fully researched the tax consequences first (I have not sold a property before).

Your reputation is everything in the syndication space and you want to come out of the gate with a solid credible name backing you.  

Schools in Mundelein don't have a very good reputation and that limits the number of young families looking to move there. 

Your reputation is everything in syndication - with investors, brokers, industry professionals, etc.  

Although you're welcome to hire your own, all of our properties are inspected by a reputable, licensed 3rd party inspector after the rehab.  

This is a taxable event so be sure to run the numbers with your CPA so you are fully aware of the tax consequences. 

If AirBNB realizes you have a bogus unit up for testing the market there may be consequences as well.