I never liked mail or telephone for these two classes very much because the success rate was always so much higher for face to face as an investor-broker.

Maybe I don't have the "let's make a deal" face.

It would also be a good idea to take a trip to your local courthouse and visit the eviction office (aka "landlord-tenant") in your area to meet the staff and find out about the process face-to-face.

There's a barely noticeable "Edit" link right next to the date and time of your post.As for the "deal" you outlined, having nothing in writing always makes me nervous. 

It is not clear what "liability" you believe you will face that requires the mentor to be joined.  

If the landlords are barely paying the mortgage they would rather reduce the rent by 100  a month then spend thousands on evictions and repairs.Since you are rehabbing anyways and it's the slow time of the year with the holidays you might just want to evict them instead of giving them cash since you are repairing.

I know people resist change and don't want oversight in what they do, but I know that having a license would get fewer doors slammed in your face trying to conduct business, evidence of that is with a licensed contractor compared to storm chasers, there has been enough public education about homeowners dealing with those who hold a city license.

I was faced with the same option, I choose to stick to about a dozen investors, a few with very, very deep pockets and use no more than 3 on any project, usually any one could swing 90% of what went on alone,  much easier life getting started that way. :) 

Perhaps @Dion DePaoli can provide some insights.The discount from the face value depends on many factors.  

To solve a problem you almost always have to identify the source of a problem and the fact that one party has ruled over the demise of city after city has to be faced as one (major) source of the problem.