Prop insurance is more expensive 4.

Does the agreement to assign contracts need to be notorized in order to be a binding legal document?

Having left the Rat Race this year after 15 Years of Buy and Hold Investing I find it is time to reflect, document and give back. 

@Patrick Daly If this is your first syndication, you have to prep up in advance in terms of investors conversations, legal structure, assembling your team: securities attorney, CPA, lender, insurance broker, etc...

I would also say, you might not even need LLC if you have a good insurance.

They manage my former primary residence for me and usually are very responsive, I can talk to the owner any time, and they have good control of the statements, payments, insurance, etc.http://www.hrgaustin.com/property-management/Hope this helps!

Every way I work the numbers, it comes out smelling like roses, anywhere between $1600 to $2400 monthly cash-flow, depending on unknowns like maintenance, taxes, insurance, and assumed-knowns like property management and capital reserves.Now, here in California, $350K will hardly buy a 2 br SFR, nevermind an apartment.

3) Taxes, insurance, similar fees like that.

make sure you have all liability covered under an insurance umbrella 

You didn't mention what the rental prices would be nor any of your monthly costs such as insurance and taxes.