@Michael Carbonare: 100% correct with the caveat of you shouldn't just jump in without some understanding of your investment, that is just irresponsible.

Recommendations for you would be to keep super meticulous records of all the costs you’re putting into the property, so your tax pro can make sure you’re capturing everything 1) correctly and 2) in the most tax advantaged way. 

Correct.

We met ALL of the criteria for our private money lenders being 'Friends & Family' and they all have agreed to receive email communications from us.

The Norada Capital promissory notes do offer a high rate of return (interest), but I would not classify them as "high risk" because of the higher interest rates.To correct your comment, they ARE backed by hard assets and collateral.

Good luck in your journey, you are on the correct path. 

Diversify - not only for risk but to also learn more about being an LP. see how GPs interact, communicate etc.

Who ever imagined robots that are advanced enough they can create their own language to communicate with each other?

If I understand you correctly you are stating that transferring the properties to the revocable Trust, then transferring them to the LLC would not trigger the due-on-sale clause?

As you correctly mentioned, you’ll need at least two stays.2.