I have the same question about the parent LLC but I think it is more complicated.

Its complicated on a VA loan but you can do it if you want to go that route.

- If my friend and I were to form an LLC that then was the general partner of the LLC that would own the building....would this be that complicated from a loan processing standpoint?

Those are two exemptions for private placements, which means its a private offering to investors. 95%+ of private capital in the U.S. is raised through Rule 506b alone.Other ways include going public (likely not what you want to do), using in intrastate offering exemption (meaning you can only have investors from that one state), Reg CF (which currently still limits you to $1M a year and needs to be done through a licensed portal, though the dollar amount is set to increase to $5M in the future), and Reg A+, which is a mini-IPO and likely too complicated for what you're trying to do.It may be possible to get ONE check from ONE investor and have it not be a security, but that depends on what jurisdiction you're in and you'd still want a lot of the same things/terms spelled out and done as you would in a securities offering to CYA--especially these days. 

How do I approach this deal with the complications my license gives me?

So it’s best advised to be judicious about posts and ensure your own comforts with anonymity.Like I said, bad luck finds you if the door is left open and too bad that OP ran into it.

Will it complicate things if I put myself into the case ?

THese people were very qualified and i am okay with being reasonable but how do I not loose out on money and not make this complicated?  

So, in general this is far more complicated of a question, but if you have ALL the information someone may be able to help you navigate this a little better. 

The property LLC allows for customization of every deal (vice forming  LLC that hold Title to each property).Having a multi-member LLC for each pair of you might be a bit overkill, but can be useful if you plan on getting into more complicated structures.