Also, state law plays a major role.

The problem normally starts with bad leadership and abdicating the role of ceo and replaced with hope and pray they do their job. 

You definitely need to spell out your roles and responsibilities.

It also has been quite an exercise in sweat equity, and learning to see everything from the guest point of view as opposed to our personal biases.Hang in there!

There will propabaly be investor qualifications (accredited or sophisticated) but it’s a great alternative that allows folks who want to get out of a participation (hands on) ownership role and 1031 up into a more risk averse large MF building while being hands off.The sponsor will take fees of course like a normal syndication (most likely) and the returns may be slightly less, but you should still share the appreciation rights and ultimately just continue to 1031 up and up.Happy to answer questions.  

As we grow our property footprint I'd like to find a CFP who understands the role real estate can play. 

Define default and what happens if you go into default (ie. exercise their rights per the deed of trust which spells out how they take control or sell the property)This isn't everything but it's a start.

The way you have proposed would be the most costly way to do this exercise. 

Its not a carrot on a string.You might be better off separating the roles though.

In our small town the fire chief will do it.Approach yours & suggest it as a training exercise for their guys.