Main goal is to start building a port folio, understanding the ins and outs and hopefully start lookin into property deals where the roi is high. 

This sounds like it could be a good deal for the partners, and perhaps the bank, but a terribly risky deal for you, with little upside.What exactly do you mean by, “There will be a promissory note drafted for the amount and the duration and interest rates”?

Without involving a traditional lender, what kind of deal structures should we consider?

Some states make it relatively easy to track down off-market deals, while others require a lot more creativity and persistence. 

I have found deals in Moscow, McCall, Sand Point and Coeur d'Alene all in the last 45 days. 

It seems to me that if I were the agent on the buying/selling side of these, I would save 2-3% on each deal (typical agent commission for each side).

No dealing with tenants or long-term property management.

Granted once I rent out the unit I leave, after vacancy and everything we would cash flow almost 400(minus heloc as well)All the deals I find.

Self-Storage gets good rent but it can be a hassle to manage & deal with.

To maximize your investment, use financing options like FHA or conventional loans, analyze deals based on cash flow and cap rates, and network with local investors through REI meetups and BiggerPockets.Good luck!