The overall LTV (including all 3 mortgages) will be key and your selling point will need to be that the 2nd mortgage ($8k) will burn off in 2.5 years (based on your surprise that it was even out there, I'd recommend that you follow up in 2.5 years and ensure that it's been satisified, so that it doesn't surprise you again in the future).Does the $8k grant vest over the 5 years? 

Any recommendations for Umbrella insurance providers for each partner to cover any liability?

Within my 20 years of experience, I'd highly recommend looking into Central Florida, especially areas like Tampa, Holiday, New Port Richey, Port Richey, Seffner, and Lakeland.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

The landlord-tenant attorney that I work with generally recommends using those forms rather than writing my own.

We recommended to our friends who are also investing in Fund III.

I'm local here in Houston and happy to help with any recommendations needing along your way! 

If you live in Vegas and can self-manage the property, I'd likely recommend sticking to the market you know and have succeeded in.

I highly recommend going with a LOCAL LENDER ie in the same state, and preferably from the same area of the state you are looking.  

I’m open to any advice, recommended resources, or lessons learned from your experiences.I believe that growth comes from community and shared knowledge, so I’m here to both learn from you and contribute wherever I can.