So you would need to structure the syndication with a % of the property being inside the entity and the domain of your regular limited partners. 

The puzzle I'm trying to solve is how to structure this partnership. 

@Matt Medina Typically, unless you've done extensive structural improvements to the property, you're not going to be able to remove the Mortgage Insurance without a refinance within the first two years.

@Brendan Miller that's what amazes me :)IMO, a multi family should be highly priced because there has been so much that has gone into dividing the parcel up and building two different independent structures.

Since purchase prices outpace the rents, how are you looking to structure your financing?

If you give us a little more information about how you plan to structure the deal, we can add additional advice. 

I have structured equity take-out mortgages successfully for clients in a similar situation.

@Nick Gee, Your entity structure is more about liability mitigation and operational tax efficiency. 

Be sure to ask your broker or lender how they view the structure of the LLC. 

We believe the duct is an extension of air vent and can be removed without structural issues.