W2 is already maxed out for my position and about 30% of my rentals Gross income goes too PM and 3rd party cleaners.

If you foreclose the attorney will do a title search and serve all parties that have an interest.

Rate is currently Prime WSJ 8.5% plus 3%, but the nice part is that as rates come down, so does this loan rates.

So you are still limited to selecting the property, screening tenants, collecting the rent checks and hiring third-party vendors.

In an ideal situation, this kind of deal can benefit all the parties involved, especially if it's a highly desirable property; The seller gets some privacy, the agent makes a few calls, and the buyer has less competition.

If some cause of action were to arise, the exposed party to litigation would be the legal title owner (in this case the LLC) and any savvy litigation attorney would also name the principal or managing members (in this case, you) in the lawsuit.

In what ways can JVs be structured to finance a RE investment, and what are the main legal and financial considerations for parties entering into such agreements?

The biggest problem is that they usually internally supply parts - so if your part is unique by any means, you will be waiting until they can source that part.  

My advise is to start with single family or a small multi-family ground up project first but this market environment is truthfully not the time to be completing any ground up projects unless you are self performing the construction which it doesn't appear you are in a position to do.There was a recent Philadelphia  forum chain started by someone else who was contemplating ground up in a similar fashion to what you are proposing and I cautioned they would be better off buying something that was newly built and believe after conducting their own diligence realized it was too cost prohibitive at this time to build with 3rd party GC's in Philadelphia when also accounting for the interest rate environment and cost to build.

All of this work is after the foreclosure sale and part is after the deed was perfected.