One really needs to see a title report and recorded instruments to answer questions like this accurately... but this sounds simple enough.

Once the money is gone, so is the control.Loan docs should include more than just the note and lien instrument, but those are the core. 

Title company uses that to prepare docs for closing, and records the security instrument afterwards. 

@Dave Foster has told me about DSTs and other instruments that allow for a like-kind exchange into a truly passive investment.

Rich Dad, Poor Dad was instrumental in my real estate journey too.

Buy and hold have been instrumental for me in taking control of my time and peace-of-mind. 

They have been instrumental for me in gaining my time and peace-of-mind. 

I'm trying to get a sense of whether your seller wants to get this done as badly as you probably do.If so, then your offer of 20% down ($3M) certainly seems reasonable and shows good faith.The specific note instrument the sellers signed when they originally took on the $9M debt will specify whether there is a "due on sale" clause or other language that might prevent you from purchasing the portfolio subject to the existing debt.

I used LibreOffice Draw, then converted it to PDF.Section 4 of  https://www.azleg.gov/ars/11/00480.htm states:"Each instrument dated and executed on or after January 1, 1991, .... shall have a print size no smaller than ten point type."

but if the investors agree to it, i guess that is all that matters.If investors were just getting a fixed rate every period(and no upside) - it sounds more like a debt instrument instead of an equity position.If you want to do it right - you would get an appraisal done on the properties that you want to syndicate.that way - you and all the investors know what the value of the property is today.