Is this ultimately a land play? 

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Everything I had read and heard was that I should protect myself by having them in LLCs but I didn't realize I couldn't get a HELOC after (which many investors say in their books/podcasts that they use to leverage into more properties)

Ultimately the pictures combined with the location are what sells it.You want to avoid HOAs at all costs.

Things they wouldn’t have realized until I had their money and there was no going back.It goes both ways.

It was a blessing I just didn't realize it at the time.

It also requires different reporting of that separate interest expense on the K-1 each year so the partners know they have the obligation of tracing that interest expense to however the partner used the distributed proceeds.I typed all this up and realized Mr Brooks has left the building and posted this 6 months ago, but hopefully someone else will find this useful!

A friend of mine in Austin once negotiated a partial buy back option when the seller realized they might want back in if the market soared.. from what I read in Bloomberg, that approach can work well if both sides trust each other.If the tenants’ rent covers your carrying costs, that’s a nice cushion, but you still need to clarify that buy back clause.

Ultimately it was the customer service and poor quality of my post cards that caused me to leave.

I always make sure to help the team but also support them while giving them room to make the position theirs, get them to realize they are part of the company, not just an employee.