@John HagerOur last Fund operated under the Reg D, 506(b) exemption and was open to non-Accredited investors but it closed to investors at the end of 2017.

I'm hyper-sensitive to ensuring that all structures/operations are legal, particularly for tax purposes. 

When we have set up LLCs outside of the realm of SDIRAs we have been able to set up the operating agreement in a way where one partner did the down payment of 20%, the other partner borrowed the remain 80%, but we are sharing all cashflow and capital gains on a 50-50 basis since the second partner is doing all of the ongoing work. 

No I don't operate like that. 

Cleveland does cite when the trash collection guidelines are violated, but I've only heard of it happening in extreme cases.....like when you're tenant loads up the entire tree lawn 5 feet high on garbage day (or the weekend before). 

All LLC loans require an operating agreement. 

The only other place I could look that has a growing population is an hour and a half south in Santa Rosa which is getting in to Bay Area Real Estate (read: loads of money). 

So he taught me how to operate as a principle not a realtor.

As Edward said, you will have to register in every state you ownand operate in.

I am attracted to the concept of a hybrid turn-key provider or an operator that would source a wholesale deal, rehab it, and maybe even manage it on my behalf.