.)- This is from the perspective of only ever having functioned in a hot local market that is ALSO comprised mostly of 50+ year old housing stock.

To me commercial MF functions more like a business than an investment - You have more control and the better you run the property, the more it is worth - just like in business!

P.S If I posted this in wrong forum please move to proper one... ;)

My question is how should we structure this so that I'm properly compensated for the risk I'm taking?

I was asking because I didn't know the proper procedure.  

Dodd-Frank set in motion the requirement for "every lender" to insure that mortgage transaction was properly serviced . 

You should save your money work hard then invest when your properly capitalized

I also check the deeds to ensure they are conveyed properly.

Also, note that some municipalities actually require you to hire a proper property manager.

It takes 5 minutes to run the over 50 reports - client helped us develop this appLet me know if you are looking for specific software that integrates with QuickBooks.It is just a matter of learning the functionality and accepting it.