You want to be the reference (in terms of knowledge)- Understand how to do the financial modeling of this type of asset or if you outsource, make sure that person is available when you pitch. 

The key to this strategy is the person you're selling to has to put up a significant downpayment, so you can start the process of finding your next investment

That will be your main sources of funds...and typically you and your friends will need to invest $50,000-$100,000 per person. 

This is just my personal opinion and how I would deploy your capital in RE.

I will appreciate all the input I can get especially a reasonable person to do the logistics including zoning etc.

I personally love the area.

The main key is for online contact to become personal relationships.

I personally do a cost seg on every single property I buy (This is not tax or legal advice). 

I realize you wanted a paper trail for everything, but that loses you a lot of ground in personal relationships.

DSCR is a great tool to use when you are self-employed or you want to avoid using personal or business income to qualify.