I'm just not seeing it being worth it from a tax or personal liability side to deal with the hassle (quarterly reporting, etc) and have to pay the LLC manager, the payroll taxes and accounting fees, etc. - are there any big personal liability or tax implications that I seem to be missing?

I goto auctions, talk to listing brokers of high DOM properties and I drive for dollars call bandit signs nothing too sophisticated.  

Hi @Sam Sala we accept non-accredited, sophisticated investors into our deals.

There is a lesson in here with for the bright young men & women who are today being brainwashed on YouTube and other forums to detest and shun higher education and professional 9 - 5 jobs by “gurus” who obviously don’t want too many smart sophisticated people around on this planet so they can sell their generic advice for a fat fee.

And a 506(b) syndication is a great alternative because it permits up to 35 sophisticated investors but I cannot rely on my prior advertisement efforts. 

We always test the water when a well is involved, most water testing labs have a selection of tests from very basic to sophisticated, almost like a Chinese menu.

Your target buyers are mature (sophisticated), experienced in RE transactions, wary, and usually in no hurry.

The stocks are a more sophisticated vehical of investing.

If you want to be very sophisticated, then you could add to the CF your realized tax savings.

If you are marketing to home buyers you can sell the sizzle rather than the steak, but cash buyers are generally sophisticated investors who will run the numbers.