If you want to do residential, that is a very different area than commercial for instance.

What's the difference between an LLC vs Land Trust for an out of state owner?

I personally don't like this transaction, but everyone has a different risk tolerance. if you can aggressively raise rents and the market appreciates you are fine.For your assumptions the red flags that I'm seeing:0% vacancy should be higher unless your a PM and are experienced, even still.0% for management fees, are you a property manager?

Does anyone recommend doing this a different way?

The financial sophistication and operational capabilities for a large multifamily are much different than flips or BRRRs.  

They currently manage over 650 rentals in Memphis and are growing rapidly while still keeping their vacancy rates super low!

And all of my other photos were out of order - first floor rooms were mixed in with second floor rooms, different views of the same bedroom were separated among the photos. 

If you are doing a mix of rentals and flips, you'd want different entities to hold Title in the end. 

However, a nuanced understanding reveals that the impact varies across different sectors of the market.

This is what many get tripped up on when they review syndications and I suspect many would make different investment decisions if they didn't focus so narrowly on dividends and ownership interest.