Is it worth the $500 membership?

If you upgrade to PRO membership you get access to all the back catalog of webinars which you can watch at anytime.  

I'm always hesitant to create intro posts on forums, however, since I'm passionate about starting my new chapter in real estate investing and appreciate the wealth of knowledge this site has and will continue to provide, I feel it is beneficial to announce my membership.

I am going to consider upgrading my membership.

I had the same experience with REIA as it appears that you did and I did not renew my membership this year. 

The rule clarifies that the LLC’s membership must be limited to family, sets forth the application process for the exemption and notes that the exemption is not applicable to engage in conduct that loan originators are otherwise prohibited from engaging in as outlined in ORS 86A.224 and 86A.236.

After that, you could obtain a yearly membership or pay per meeting.

Your Pro membership allows you to post deals, services, self promotion and ads.In order to post a deal in the Marketplace, you MUST have equitable interest in the property, meaning you must own it or have it under contract. 

The operating agreement should have that and many other things in it to cover any and all circumstances including death or incapacitation of one or more than one partner, physical and financial duties of each, insurance, buy out opps, additional partners, share of membership rights, and the list goes on.I believe the topic here was how to secure bank financing and have all 3 member partners responsible for it, so we should stay on that topic, however, the operating agreement is indeed very important!

If you have a quality house under contract, then buy a BP plus/pro membership and advertise it on the BP marketplace.