DuckfaceNinja, Thanks a lot for the wishes and for the inputs..."wait for signal" looks promising to give it a try...Will do that and post here if it worked...
I am already using container objects...Also I was able to get most of it working as desired except for this peerid mixup that is happening on the sprites that get created on the peer side
But I thought sync object should always trigger whenever oncreated event happens and accordingly updating multiplayer.peerid with whoever created it...strangely it only works for the very first instance and not for others!!