I know you guys might not be authorized to give out legal advice but I figure it would be best to get opinions from those really doing it.

You are absolutely right, making local connections is a key factor as well as managing the finances.

The idea of taking the monthly cash over the lump sum can be a better choice, but not in all cases.  1 - Let's start with the question of how old a person is, and how long they will be taking that $50/month, or $600/year. 

With this being my first apartment deal I am more unsure about underwriting this type of deal and was hoping to get somebody who is more experience in multifamily to look at the proforma, T12 profit and loss, and rent roll to tell me if I'm missing something or to let me know of things that I should be looking out for.

How prominent do you think fractional investing will be in the next 5-10 years?

While I do think that extreme climate is something we all will have to contend with, I think the area will always be popular as a vacation destination.Having said this, I am thinking about looking for a STR in the area. 

It's a smaller park and may be hard to manage unless you do.

To be clear, I believe real estate should be owned by an entity but there are other things that are far more critical to protecting yourself personally as well as your real estate assets such as appropriate levels of insurance, well drafted vendor agreements & collecting insurance certificates coupled with understanding how to correctly operate the entity in which you form.

Depreciation can't be transferred to another partner, as it is tied to ownership.

You and I have talked before--I hope you have been well.