Start connecting with local investors or attend meetups. it’s one of the best ways to learn and get insight.

You want to make sure the attorney is representing your interests - lawyers at Title companies that are a party to the transaction typically wont do this.

One year from time of payback or time of loan start date I’m not sure of. 

I wish you would have told us the year, it makes a huge difference.Anyway, everything you mention, plus 1) get a camera run on the sewer line, 2) make sure the Elec panel is newer and sized correctly (a lot of HIs will just say if it's functional or not) 3) Foundation ( is it slab or raised?)

What you can learn from this and show them can set them up for life.  

No matter who it is, RAD or another group, please do a lot of research and make sure you are working with someone who has a track record and is able to connect you with references.

I would also make sure you have a good amount set aside if something hits the fan.  

I have learned of REIRAIL looks pretty cool.

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

Not sure if you have another property manager lined up but check out Rental Guys Property Management.