But a lot of these builders want to roll up and start putting sticks on the ground, so they want to see essentially everything ready to go to the city/county for approval before they sign on. 

You may not like their current deals/offerings, but I would call each of them and let them know what you are looking for - essentially your "buy box."

Forming an LLC might give them liability protection and a more formal business structure, but it's not essential.3.

The LLC would essentially serve as a business checking account to collect rental payments from your roommates/tenants and potential write-offs for expenses such as property repairs/maintenance.

They are essentially the same thing you are describing, but sharing an "expert opinion".I am also not a fan of how BiggerPockets itself is doing this same thing in the forum by posting blog posts and you don't have the ability to comment on the posting (because some times I disagree with the posting!) 

Imo, this is the critical element.

Plenty of reports and they essentially pay me with 4+% interest on associate accounts.

So essentially you can't really judge if the opportunity is right for you because he wouldn't tell you anything about what you could expect down the road & by time you got to that point it was past the time to get your refund. 

Basically ,they have the right to reject your capital and essentially "pre-buy" you out.  

More states are creating "just cause" eviction laws, essentially stating the landlord must allow the tenant to remain in the property except for a few specific situations.It won't end well.