Its a strong and fairly safe market. if you take your time and get to know the area and focus your energy on one style of investment you can find a few good deals.

Another potential issue is how to most efficiently structure the LLCs to gain financing, though this is likely offset through personal guarantees, which we are willing to do. 

I got so wrapped up in those deals and still working 40+ hrs a week I didn't have the energy to go to the REIA meetings or even log into BP.I think I'm getting the hang of things now and hopefully will have more time to stay in touch with the BP community.

I would focus your energy and attention on the area/areas you want to invest and start building your team.

But I feel that in a longer view it is more tax efficient and therefore more NET profitable. 

The time, and effort, let alone cost of making this thing a centerpiece, would not be an efficient use of any of the 3.

I own both SFR and commercial real estate and the commercial side is significantly more efficient.  

I would stop putting this much mental energy into this topic.

If I were you, I would write down all the monetary outlays and the potential work that will be involved in acquiring/rehabbing (if needed)/managing the property and realistically how much time and energy each partner is willing and able to put into the project, and then sit down and have a discussion about how even or lop-sided this deal is for each party.

It’s amazing how efficient someone can be with a clear path to more than they currently have.