There are a lot of scenarios that define a "distressed seller", but getting involved with all of them without systems established, will stress you out. 

@Charlie MooreTaxation is very broad and there is not one person who can specialize in everything within taxation.Very similar to medicine/health.You wouldn't want someone who practices general health for children to also be the one who does open-heart surgery.There are a couple of accountant's on this message board who specialize in real estate taxation.

Also, how exactly should I define the color scheme?

What if my other partners/investors have clearly defined roles in the operating agreement?

I know investors with huge portfolios that have never even visited this site, so it is not necessarily the defining success factor.

Gathering a broad foundation of knowledge before I jump in!

I recommend looking at secondary and tertiary markets, establishing relationships, and spend the time to define your criteria.Be sure to check out the local DFW forums.

You need to decide early on what it is you want to do, and define your overall strategy. 

A legal agreement will bind the partnership and defines all rules and duties. 

It has a defined cost.