If you have the time and desire.

However, since Ive never done this before I decided that the amount of capital needed in my desired markets was too great to risk testing my strategies here.

This is an all-too-common mistake: a rental sits vacant, less-than-desirable tenants are approved, and then those tenants don't pay and cause issues.You have to rip the bandaid off and ask them to leave.This may sound harsh, but it's not entirely the tenant's fault.

Selling to him sub to allows the seller to get out of a property sooner rather than later (if that’s what’s desired) and have the loan paid off when the buyer has his liquidity event. doing any CREATIVE  real estate deal SUCCESSFULLY requires the knowledge, experience and capital to be able to set up the transaction properly, with safeguards in place, and structure the transaction so both parties have positive reinforcement to “make it work”.  

Then those GPs "earned" fees just for buying the buildings... the same buildings that will now result in many cases in total wipeout for their investors.

So, what it is it you would be doing beyond the three things I've listed that you think earns you a stake in the deal?

Generally, I'd disagree with your desire to pay off your personal property first and save up an emergency fund.

Further, you now own a “free and clear” property you can borrow against should you desire and probably get all your invested cash out.3.

Specifically, is there a statistical difference in the likelihood of actually acquiring the physical property versus simply earning interest on the debt as a financial investment?

If you don't want an LLC business bank account, a personal bank account that is used solely for real estate is a second but less desirable option. 3.