The truth is if your investors have no involvement in the operations, If they just put in money and expect to get a profit, you have created a de facto syndication.2) I see a ton of people who just raise money for the syndication. 

Agree with @Paul De Luca.

I primarily do Maryland, have one DE beach and considering STR in NC or SC. 

Or you 1031 exchange at some point into DSTs (Delaware Statutory Trust) and just live of mailbox money.

Quote from @Paul De Luca: @Nick S.Are you aware of the requirements for operating a short-term rental in Chicago?

Quote from @Stephen De Vita: Hello, Does it make sense to have an appraisal contingencies if you are doing seller financing?

However, going by the reviews and my conversation, they seem to promote forming Delaware Statutory Trusts for CA investors.

We set our sights on the classy, high-end deals—the crème de la crème, if you will.

Don't forget about the de minimis safe harbor for properties that are already placed in service.

@Jennifer Katherine De LoughyHi Jennifer, I’m a real estate attorney in New Jersey and always open to meet new people.