Choosing a syndication with preferred returns can offer you a bit of safety in knowing that the sponsor needs the building to generate revenue for the investors first before they can get paid themselves.FeesSponsors often charge fees to the investors, and that is normal.

I could also just do a straight arbitrage/master lease but prefer the co-host model as I see it as more equitable and disperses risk and reward more evenly between myself as the co-host and the syndication LLC as the property owner.

People in Colorado don't want to have to deal with the snow but also we have lots of toys; expensive bikes, skis etc.

@Tom Saysithideth 35% is the typical down payment for commercial properties but multifamily has preferred downpayments and rates.

I obviously prefer NV but that’s because I’ve had my tolerance of humidity beaten out of me.

I've considered out of state investing and honestly, I would actually prefer out of state. 

I would prefer to keep them. 

We own our primary residence, have always taken the standard tax deduction, have 4 children, one graduating high school this year, have never owned a business, don’t know what could possibly be written off or what needs to be saved throughout the process, and would prefer to have a cpa and attorney assist with the set up of an LLC to ensure we’re getting the most tax benefits and asset liability protection as well. 

My personal preference would be multi family investing.

With that being said, I prefer to buy vacant units so I don't have to terminate leases or drastically hike up rents upon purchasing a place, not to cast judgement on those who do so (a lease is a contract, once that's fulfilled you don't owe the tenants below market rent, nor should they expect that), but that is my personal preference.