The other kind will obscure them intentionally.For your books, choose the simplest method that works for you.

The simplest way is to form an LLC  and give each member shares depending on how much money they contribute. 

Your simple stance of FHA is the answer is reckless in my opinion and very one sided.I am sure everyone wants to see us debate all day on here.

The simplest way is to just invest in a REIT or a real estate ETF.

My wife and I are starting a Brokerage over the next several weeks and are looking at the cleanest and simplest way to run our back office.

Yes, to drill down to the simplest form have an attorney draw up mortgage documents that would protect you and given you the first lien in the event that things take a horrible turn and you are left not only holding the bill but also a half finished product that you can turn and sell to someone else or finish yourself to recoup your money.

So I went to a couple of REIA meetings and got a bunch of books and dumbed the learning process down to the simplest form. 

It's definitely the simplest option.

In the simplest terms, how many houses sold in the last 12 months?  

I am playing devils advocate against myself here but the STL props tend to be small brick ranches (low turnover cost) and have low crime and low taxes... important ingredients to a good B class recipe.