and for sure in this site most are looking for that home run note... because they see that one off note purchase were someone touts a 20 to 30-% return and then that sets expectations.. go to FCI exchange and snoop around there a bit.. you can get the flavor

Every situation on every property is different - even with the same investor, doing similar deals over and over again in the same town, with the same lender, each deal is unique and will come with individual circumstances, and as your business grows, shrinks, or dies, your ownership and business strategy will change.It's likely that every attorney you would ever speak to would give you their own unique "flavor" of advice, but I think you are on the right track by getting multiple opinions.

You have to find the one where you both like the same flavors of ice cream.Google FDIC bank search and then put in area or zip code on the website and a list of banks pops up.Good luck.

LOL..in the Wine business  one year Merlot is hot.. then the next its Pinot and every one switch's and starts making a Pinot.. that loses flavor and now you have Rose coming on strong or last time I was in Napa everyone was doing a Temperanillo ( sic)But so what I see on 4 years of BP is  buy and hold going strong.. then you have NPN  everyone starts talking about that and how the average person who has never bought a note is going to start with a NPN ( which can have a very steep learning curve) to Gap funding ( seconds on big rehabs RISKY) now it seems many want to become their own syndicators which again god bless them however for the investing public they need to choose sponsor carefully.. and I think that's what your alluding to is professionally run reits as compared to new crop of syndicator's.. now out of this new crop your going to have what happens in all business's those that excel and go on to be top tier companies those that muddle and those that well, don't do well. 

Difficult to know which flavors you prefer when you haven't tasted anything yet.

Management contracts come in many sizes, shapes and flavors depending on the services offered.

Just adding to the topic, I last hung out in the area back in June after Social Grounds Coffee Shop and Hyperion Brewing opened and it was already feeling pretty vibrant.

I'd definitely explore some of the more vibrant parts of the city (Brady St., Lower East Side, etc.) and see what you can find.  

Also, I would say don't get married to just one strategy ... in dynamic, vibrant, and highly profitable markets like SoCal, the market is always shifting, which makes some opportunities more attractive and others less attractive ... the best long term professional investors I know in this market have the ability to shift their strategy as the market shifts to take advantage of the best opportunities available at the time, while still hedging their bets to protect their downside if the market shifts away from them on stuff they already own.

I agree that the different "flavors" of real estate are so vast that it can seem daunting and can lead to indecision.