I don’t know how many BP members own properties but I would assume thousands of members own 10’s of thousands of units.Yes I understand people buying 50-100-500 unit buildings need corporate protection.

@Paul Bogard going to assume you are buying this proeprty to live in while you "house hack".First, you should understand +95% of real estate agents ONLY know how to sell owner-occupied properties and are almost useless for investors:(Find an agent that has rental properties themself or can PROVE they've got successful repeat investor clients.Secondly, you can greatly improve your cashflow by renting out your other bedrooms.

And treat this as 1/5th space as a rental.Or down the road, would it be better to have the entire property (home & garage/room) rented out to everyone involved and the property become an investment property. 

Just bear in mind that trips to Maui involve 'discretionary' funds...A few more things to think about during your due diligence. 1.

Self-managing can be a great way to stay directly involved, but it’s also important to consider the demands it can place on your time, resources, and expertise.I'm certain, you have experienced some real frustrations with that PM company, but a strong property management company that can align with your overall needs, can sometimes be a priceless investment when it comes to staying compliant. 

I understand equity and cash-flow are related, but what I mean is that I don't need the cash flow right now as much as I'd like to build a strong portfolio that can cash flow even more later on.I've owned a single-family rental for 4 years, but on mulitple fronts I felt like I've done a poor job self-managing it, so this Fall I picked up the Turners' book on managing rentals and that's what led me here to Bigger Pockets online.

So getting one involved now and sooner rather than later is a great move on your part.

I am bidding out there in two markets daily, it's been almost 3 months and I fully understand this is a process.

My understanding is that the buyer assuming the loan has to meet the same credit/underwriting criteria as the original borrower, but this is not my area of expertise - lenders are typically not involved in assumptions.

It involves investing in strong growth markets, diversifying, and buying distressed properties.