I'm seeing renovated inventory sit, then trade well below list in a large portion of the ATL metro. 

Yes, there are some trade offs, but also some great benefits.

I'm a specialty insurance underwriter by trade; therefore analyzing deals and numbers is my jam.  

Given equity is always more expensive than debt, in my view the additional finance charges were a good trade off. 

This is not legal advice, just friendly information.This is the trade-off with LLCs.

In my eyes, all of the same diligence is needed in regard to sponsor and deal(s), but add to that prior operations by that sponsor, current financial analysis, current valuations in today's market with very limited trades happening as comps, what the effect of waterfall and fees will have on that position once you take over, etc.

This isn’t an SEC traded investment, no liens or 1st positions, no personal guarantees on behalf of the GP, If you go back thru and show us your deal analysis versus your checklist you will probably see an investment marketed at 14% return which should have been Risk adjusted down to 8%.  

LTR, STR, MTR, BRRRR, Multi-Family, Businesses, Cash Vending, Note trading, Tax Liens, etc. 

Under the IRS rules, a person  qualifies as a real estate professional if: (1) more than one-half of the personal services the taxpayer performs in trades or businesses during the tax year are in real property trades or businesses in which the taxpayer materially participates, AND.....(2) hours spent providing personal services in real property trades or businesses in which the taxpayer materially participates total more than 750 during the tax year.Like @Greg Scott and @Russell Brazil mentioned above, I don't believe that you would qualify as a REPS, but if you are going to try it, make sure you document it very well (i.e. with some kind of proof, like time cards, mileage forms, and/or receipts, etc.) so that just in case you do get audited, you at least have something to provide to the IRS agent. 

Call me a skeptic but I find it hard to believe there are properties trading in 19147, 19148, 19123 or even 19134 at a 14% cap rate.