I'm actually wondering about this myself as I'm also looking into 5+ units which would entail a CL.

If they do their own rehab, what is entailed, etc.

Part of the hidden expense of HVAC is the refrigeration it's extremely regulated this entails buying new and paying to dispose of old.

And statutes of limitations vary by state.If a creditor files a lawsuit against you after the time period has run, you can defend the suit by asserting the statute of limitations.

I'll assert that we provide more value than just the house.  

What would that entail?

You need to know how the "waterfall" works with respect to distributions to you and the other partners, what liabilities you have for any debts the LLC incurs, what obligations you have, when and how financial information is provided, how key decisions are made by members, management authority and who has it and what it entails, how and when managers can be removed, hold periods for your investment, how additional capital calls work, etc. etc. etc.

Its got to be a win-win situation for anyone to get involved and I know you will be able to work it out once you find the deal.100% agree with Ned's assertion that "Its better not to do a deal than to do a bad one" - you want to find motivated sellers, not be a motivated buyer.Good luck!

With a little Googling I understand in the commercial world that's called a master lease, and I think I understand the basics of what it entails and the potential advantages.What I'm not so sure about is whether or not using one (if the sellers agreed) would actually be reducing our risk.

One was a typical buyer with inspections, financing and the things entailed including time.