I talked to some neighbors and was assured things have calmed down recently (i guess after i had a talk with them about the foot traffic).

not to get into the math but if your putting in the equity then you need to share upside.it would be more common to have a pref return and a waterfall profit split.

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.

It was like a waterfall of sh*t that I have to accomplish asap before the 1st tenant gets on-boarded.  

I will be submitting an offer on a 12 unit tomorrow and considering my next largest unit is a duplex reading through these posts have been both helpful, informative and calming.  

I have  an inspection on the property and mentioned it to my inspector as well and he said that it is typical of the ceilings with this type of attic and have shown my tenants the inspection report to calm them down but they are still nervous and want to meet and talk about it further.  

I had an amazing loan rep by the name of Jenna Venoitte who I would highly recommend for professionalism, flexibility and being the calm in the storm when I had a wire transfer that I was expecting come in late.

Both made possible because this is your parents' home, so the rest of you REI calm down and stop jumping up and down with excitement.

It calms their nerves to pull the trigger. 

There is something called a waterfall profit sharing structure.