Depends on how sophisticated you want it.

Unless we sit down and perform a rather sophisticated analysis of all of the cash flows, including the exit, discounted appropriately and honestly to net present buying power, we just do not know if we are indeed keeping up and getting ahead...Though, if we think we are doing well - we are doing well.  

The way to ensure that no other loans would be used is through the agreements/by-laws/operating agreements of the entity in title.Other investors could join based on knowing who the other investors were, thier abilities and level of sophistication, might be fine and a good deal.

I doubt it's a very sophisticated seller.Gaurav S.

Depending on the sophistication of the seller, they may be able to use your inexperience and lack of knowledge to their advantage.There is no advantage avoiding a good Buyers Agent that is looking out for your best interests.

As for the project manager, I have mine keep a time card, and I pass on the actual cost at the project level (just like any expense) plus a 20% labor burden that covers employer payroll taxes, workers comp, etc.

You have to pay equivalent payroll taxes and other cost.

The loans would be from non-retirement funds for non-owner-occupied properties.Normally, income from such loans would appear as interest income on one's personal tax return, but, especially with the Affordable Care Act, there might be tax advantages to forming a one-person C-Corp and drawing a salary, despite factors such as payroll taxes, the overhead from reporting and tax filing requirements, and double taxation when profits are distributed.Interest income isn't compensation to the IRS, so if one only has interest income, one can't contribute to a 401k or IRA.

Our district clerk is pretty sophisticated when it comes to technology.

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.