Am i wrong?

Your biggest challenge will be what to do when something goes wrong: nonpaying tenants, maintenance, mother nature damage, etc.Recommend you include these in any management agreement you sign, so you're not overcharged when you need these services.

Am I wrong about the legitimacy of assigning vs double closing?

There are networking opportunities with the group after these meetings as well but it seemed like mainly people in the program and not experienced capital raisers that are there by design (but I could be wrong).  

Deal with it.Correct me where I'm wrong but Novations can be executed by either a Power of Attorney being given to the investor or by an investor just doing the paperwork, both being done after they secure their interest with an option contract (unless there's some other creative thing I haven't heard about yet).

My wife would think something is wrong if I was home at 5 pm . 

Aside from the misalignment of incentives, this little chart I created shows why I won't invest in deals with preferred returns.The only thing we know going into the deal is that the returns are projections and projections are always wrong. 

@Chris Seveney I can prove you wrong.

Where the loans go wrong is usually not with the loan terms. 

And if you have a closet handy, nothing wrong with having a foam mattress topper rolled up for some extra comfort on the sleeper sofa.