The mortgage payment is already high and my life circumstances have changed, making the payment even more of a stretch (not impossible, but definitely above the recommended percentage of take home pay).I am considering selling the first property next year (which has about $200K in equity) to do a mortgage recast on the primary and get my payment to something more reasonable.

What is is my new equity as a percentage of membership interest?

You can literally change the market price of a property by millions with just a few percentage point change. 

.- get into real estate with a lower rate and lesser percentage down payment.

They are high on a percentage basis in Detroit, but relatively low on a nominal one.

Interest paid on their loan or a percentage of the profit?

Interesting that your market is slowing, but Chris's market is doing well around Orlando.Jacksonville hasn’t been building as many total units as Orlando, but Jacksonville has been top 10 in the nation for building new housing units as a percentage of current stock.

For example if you wanted to gift $100k to your child to purchase a business, it may be best to make your child manager, with say a 20% interest, while you and or your spouse maintain a 80% interest.  100% of any net income can still be received by your child as manger, or even for just his 20% interest, as profit allocation  need not align with ownership percentage in an LLC.

A very large percentage of people contacting me from CL fail to show up to look at the unit.

So once you invest, you're added to the operating agreement of the company and you would now own a percentage of the company's assets - in this case it would include homeowner payments, bank accounts, REO's/properties, as well as all of the notes in the fund.The biggest risk of any fund investment is that you could lose some or all of your investment principle if the company were to go out of business.