I’d love to get your thoughts on this approach!

Get an attorney.

Any other pros or cons to this method of investing for at least getting started? 

Sometimes you will get a seller who comes back and declares they want off of the loan, or a nasty letter from an attorney saying that you ripped off their client, or a letter from the State Attorney General that you get to visit them in their office.

Anytime we lend to a LLC we always get a personal guarantee from the borrowers. 

I am well versed in pretty much every facet of Real Estate: house hack, LTR/MTR/STR, multifamily, and fix and flips primarily.Aside from that I am also (somewhat) a serial entrepreneur, having started and sold multiple business' over the last 15 years.I also meet with 20+ professionals every week, through referral groups, meetups, and just 1 on 1 sessions trying to get to know people and make connections.I would love to chat with you if you are looking to meet people and get more information about real estate in San Diego!

So if you are looking to get in with little down, MF not the way to go.

I want to try and get ADR and occupancy market data.   

Congratulations, you get to share your partners tax burden and pay the depreciation recapture at ordinary income rates. 

@CJ Moulton Be careful not to get "analysis paralysis" looking at demographic data for any market.