So if you want to handle the extra work, like cleaning, repairs and all of the calls and texts, then go for it.

For the 4 plex you are spending an extra 80k in renovations (I question your 110k renovation number to get to 4 units - this could be low but I don't know the square footage or layout).

If interest rates fall later, refinancing again might require you to bring extra funds to the table, which could impact your overall investment strategy.

To process a new owner payment the system takes an extra week or two.

It makes the dialogue more between the two members rather than with the whole membership (unless you take extra steps to click on every triangle).

Right now I'm just looking at properties all over the place learning how to analyze a property etc but as somebody that is looking to make their first investment, i want to avoid if possible the extra outlays that can potentially come with an older house. 

Promissory notes in general, as they have no collateral, seem a bit higher risk, perhaps mortgage note investing which are backed by residential and sometimes even commercial real estate would be a safer alternative, and yet very lucrative, too,  8-12% yieldsFor extra returns, I put a small portion of my portfolio into BDCs, Business development companies, that specialize in loaning money to growing businesses which are too high risk to get loans from proper banks.

Quote from @Hector Espinosaor Espinosa: Quote from @Jared Smith: I would tell myself to figure out how to buy it if it is close to making sense and don't squabble over an extra couple thousand dollars that you are only paying 20-30% of at close anyways.

Without complete financials up to that point, extra work (and headache) will be required to get everything straight after years of failure to keep complete financials.There also might be an asset protection wrinkle by not maintaining complete books for an LLC, but I won't comment on that as I'm not an attorney.

You might find that they could charge enough extra rent to pay for themselves.