I was curious if anyone would recommend the National Notary Association's training package for this.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

So there is a level of complexity and danger associated with this job.   

LOL.There’s a WORSE WAY and a BEST WAY to try to obtain items 1-4 aboveBEST WAY: College or Professional Association courses in real estate (real estate license course as a base) and work experience for a REIT or other professional real estate organization and capital saved or equity raised from private parties with a MODERATE amount of debt leverage and or utilizing creative financing with low interest rate debt (may be highly leverage)WORSE WAY; Any guru courses or mentorship’s combine with high interest debt. 

According to the information in this thread, the broker isn't doing anything where the dept of RE or the association would do much.

This way we don't have to form another LLC and all paperwork and band account associated with that LLC.

It is lower than what apartment association states and they have their own maintenance staff.  

Be sure you and your friend are receiving annual forms 1098 associated with both loans and that you discuss with your respective tax advisors.You will purchase hazard insurance in your name, listing the underlying lienholder as 1st loss payee and your friend as 2nd loss payee.When structuring a wrap, it's best for the wrap term to be longer than the term for the underlying loan and of course the monthly P&I payment to be higher. 

The issue is a lack of control over anything going on with the mortgage and anything associated with it.

MLS is a service of the National Association of Realtors, so only Realtors can list.