In my readings, a lot of people say a mentor is about the best way to go about getting into REI successfully.I have an idea of potentially finding a mentor and want to hear thoughts.

In most cases, if the pro. is good, he/she will help guide you in the right direction.As for mentors in RE, they will know you are a newbie (assuming they are experienced) regardless of what you say as they know all the ins and outs, lingo, etc.Knowing the right questions to ask and what answers to expect (or need) is key.

Just realize your interest rate will likely be higher than say a rental house financed on 30 years.

After renovations, my exit plan will cause me to aim for, let's generally say, a 9-10% cap on the new and improved operating income.  

I would say a HML would be a good idea but in my market, rentals are the cashflow, not fix and flips My understanding is that the loan won't get paid off under the terms of a HML(because HML are for fix and flips) unless someone knows differently??

Does anyone have tips on how best to structure, let's say, a $1mm multi fam property (assume 3-4 units) with multiple investors?

Just wanted to say a quick hello and introduce myself.

Let me say a few things to you out of experience.

A 30 mortgage is going to be much more expensive than, say, a 5/1 ARM when comparing current rates.

Not to say a major correction is in due course but, to me, risk is certainly to the down side.