I'm not a lawyer and this is not legal advice, but I wouldn't want to be standing  before a judge in that person's shoes! 

For fun:https://thehustle.co/silicon-valley-planting-models-at-parties/

I would get all common areas taken care of as well, but would just doing common areas and their unit be sufficient enough legally?

It's a law meant to prevent large party houses near CSU, but if a neighbor complains could end up costing me 2 roommates.

Think of it as a legal wrapper but in reality it is legal document that looks like a contract which you design with an estate attorney and you will fund it with assets such as cash, brokerage accounts, cars, boats, real estate, etc.

I know most (well lets be honest ALL) of the answers involve knowing the law or getting legal advice, but as a landlord you want to make sure you are familiar with the requirements because it will come up.

So I assume whatever process that you say will be required would be to ensure that such a scheme is not an attempt to subvert the "related party" issue... although that is typically accomplished by an affidavit at closing.

IE consult with investors and do their due diligence on the syndicator the project etc.charge a nominal fee but give the investor some piece of mind that a third party went through the offering docs.. did some due diligence on the market and such.. ???

What is in it for them to offer all these features.I am not positive on this but I would assume they get a kick back on the credit check service and background service that is provided by a third party to the Landlords.

Closing costs are free for me due to a company legal plan I enrolled in.The assessed value is at 19k and the comps look to be selling at 20-24k.