Most likely I'll be establishing an LLC.

Different companies have different fee schedules...with checkbook control, it's generally more to establish and less over time...do your homework and decide which is best for you.   

Lastly, I switched to a LTR & because Kiavi said that they only refi on LTRs but I needed to establish that and just like that poof, a whole year gone. 

To make sure the investment satisfies your financial objectives, establish your target profit margin.Decide how much money is needed overall for the transaction.

If he was raising institutional money he would get destroyed by advisors if he took that approach. 

We did a commercial loan, 20% down (10% down each)-I leveraged my partner's relationship with his commercial lenders to establish a baseline of credibility for myself and cut my teeth doing my first deal.

I am curious to hear what other thoughts are on this compared to working with a broker-dealer / advisor who invests in alternatives?

Finding an established group that finds a way to get deals done tends to be as helpful as anything as many of us have had experiences of weird and seemingly unnecessary denials.I do like to make sure that its a region they lend to and the type of project that they do.

the answer is because this is what professionals do and it's the price of admission to really establish your real estate business properly from the outset.Having a lien, loan, etc. on the property does not indicate personal liability exposure to real property because being the borrower on a loan does not equate to holding legal title on the underlying property. 

Plus it takes 6 weeks for new sod to establish (for roots from sod to grow into the ground).