The way I look at this is that if there are any truly PASSIVE investors, who own a share of your LLC, then it is really a syndication regardless of whether they are friends & family.

. 🌎 For my first property I would like to buy a place for my parents, they are lifelong renters, and on a fixed income.

Investing in rental properties can be a great way to build wealth and generate passive income.

A great cash flow, income producing property.

Through depreciation, other income taxes are offset, through debt paydown and appreciation, he's going to gain $thousands per year in equity.Subjectively, it may appear not to be a deal, but if the buyer understands these factors and wants the property, an entry fee under $10K sounds like a deal. 

Investing in passive income and venturing to other business ventures.

Is there a way to maximize income beyond your original projections with this idea?

Frankly, I need this house rented as soon as possible and bringing in income.

A big one is make sure you carried forward any unallowed passive losses from your previous year's form 8582, and other carry forward amounts from your previous tax return. 

Partnering with someone who has cash would obviously work and often times your credit, income, and even labor could be beneficial to them.