Only way you made money on this deal, and avoided everyting being eaten up with title & recording fees and transfer taxes, was by flipping the contract - also known as wholesaling.Why can't you just call it what it is?

Since you can't make improvements or exchange into property you own, your qualified intermediary would take title of the property while you  make the improvements.

They want 1% origination points plus a bunch of other usual fees like title work.

If you have 2 identical properties and the move in costs are rent + deposit, or first month, last month and deposit, most people would take the lesser move in charges. 

It can also work if you're planning to do an option, assignment, or double closing, because you're not taking on the risk of holding the property for an extended period, but if things continue slowing down (thank you, high interest rates), you'll want to be very careful about how much you're offering, especially if you stick to the straight flipping model, where you take title to the property and don't make any improvements to force appreciation.

A ton of questionable money raisers are running around as "co-GP", but do they "really" co-GP or is it a shell title with no authority nor a legit role outside of raising $ for a cut?

If it was properly done, it's recorded and should be visible on the title report. 

I'm eager to start the work of finding a drive-by appraiser and calling title & insurance companies to close this transaction.

No, except a title company in Charlotte that is investor friendly.

I would be coming in through an LLC, so feel comfortable with liability protection as it relates to other assets, but still, will be on title, so there is exposure.As a real estate guy I'm still in growth mode and am having a hard time swallowing the dst pill.