Sounds complicated. 

Just want to throw this in to complicate things even more. 

ALL brokerages will say they do know how it works, but I can tell you from experience once the more complicated questions came up they didn't have an answer or their answer was totally wrong. 

If you have no experience and you try to start off with a complicated, high risk, difficult to learn strategy (like syndicating a 300 unit portfolio), you'll probably crash and burn.  ...sure, a strategy like syndication could allow some to scale up quickly (if they're a master syndicator), but if you're a beginning investor, you're probably not prepared to take on something like that.Similarly, starting off with a $10 million self storage facility or 50+ unit multifam portfolio probably has a high likelihood of failure for an inexperienced investor (and the consequences of failing at that scale are pretty serious--e.g.; bankruptcy, and potentially losing a lot of other people's money and thereby ruining relationships in the process).Beginning skiers should start off on beginner terrain.

In speaking to many local banks I am finding that based on debt service coverage ratios I am likely to receive around $9M in financing, and coming up with the rest of the capital is a challenge I haven't been able to overcome.I have discussed phasing with the city to try and overcome the issues with capital, and it is possible for me to phase this project all the way down to 1 or 2 of these 5 plexes at a time, but will lose some of the construction economies of scale, complicate the site plan/ permitting, as well as make the financing a longer more drawn out and complex process. 

In most cases, neither is warranted.Warning: I am not an attorney and this can be a complicated topic.

It is anticipated that developers will become more selective in where they choose to build, seeking out markets that are more affordable and have less government overreach.Whether it’s the lack of materials or labor, overall shortages complicate the construction industry.

Could get complicated.

That said, I do like the structure of having a defined business with an EIN and a bank account that is really run like a business and files tax info for all the properties in one place consistently from year to year, and it seems like a general partnership might be the way to combine these options.I don’t mind filing a 1065 and might even prefer it over putting all the details on our 1040, so I’m not trying to avoid that particular complication.

The STR market here is a bit complicated due to HOA regulations that almost never allow them, so I always recommend to make sure that the unit pencils out to at least break even as a standard rental in case the HOA makes a fuss.