You are invested, you are investing, you have control, direction, a say, impact, choices.

Fannie Mae will allow you to transfer the deed to an LLC if you decide to try to go the conventional route, but the loan would still be in your names and you'll need to pay a title company a second time post-closing to do this  for you. 3) I can't speak for the area so no comment there4) If you're self managing, make sure you find vendors you can trust in the area since you won't be able to easily verify if an HVAC guy, plumber, etc. is trying to rip you off and tell you to buy something you don't actually need. 5) Make sure you have clear alignment of goals and a clear operating agreement that spells out what to do if those goals start to not align in the future since you'll be jointly obligated to these properties. 

You have three choices...transfer the property and keep the loan in tact hoping they won't trigger due on sale, refinance into a loan that allows it, or simply leave things as they are. 

If the market value mentioned above is accurate and the “initial” loan balance hasn’t increased by rehab funding, I wrote above that the proceeds are just a couple million after closing costs and commissions.

Months later, Tenant is now claiming close to 10K.

I closed that property with less then 1% down of my own cash.

This can lead to "renegotiation" demands at the closing:(Other Potential Issues to Consider:Being in the chain of title is also exposure to potential legal issues.Selling an assignment may be a violation of a state's real estate statutes.Wholesaling w/o a real estate broker's license may violate your state's statutes.I'm sure there are more...

All the partners must agree to make the choice, and the partners must be able to figure their own taxable income without figuring the partnership's income.  

Have any "students" or those saying positive things about the program closed any deals?

When you allow users to delete their own posts, you disrupt the flow of conversations.This is an OPEN forum, not just a closed network like Facebook.