Hi @Taylor Jennings you know me, and you know that my goals are nearly identical to yours.

It is you that will implement controls to ensure that the management isn't a bunch of thieves, it will be you that decides what price to pay, what to do if there isn't enough cash flow to service the mortgage, and it will be you that will chart the course for the entire investment period.

I recently sold a property for which I sold the identical property right next door 5 years ago at the peak of the market.

Larry, very interesting post since this is almost identical to what I'm considering doing.

The note should not address these issues as it would likely duplicate the issues and if not identically addressed, could cause confusion as to any right to cure.

With the proper identity docs from the State of Texas (see #2), there is no reason you would need witnesses.  

Imagine the scenario where you have the renovations completed and it's vacant waiting on a tenant - the copper thieves are going to strike again ...

For instance, assuming you have 2 identical properties (hypothetically, but I have seen this quite often in new subdivisions where owners build the same model but some add a basement) one with basement and the other without basement.Property without basement:  3,000 square feet selling for $300K, or $100 per square foot.Property with basement:  identical 3,000 plus 1,000 basement, for a total of 4,000 selling for $450K.  

There are of course hybrid deal structures and other circumstances that make no one deal identical to the other.  

(b) If the records of a series are maintained in a manner so that the assets of the series can be reasonably identified by specific listing, category, type, quantity, or computational or allocational formula or procedure, including a percentage or share of any assets, or by any other method in which the identity of the assets can be objectively determined, the records are considered to satisfy the requirements of Section 10A-5A-11.02(b)(1).