So I'm not entirely clear on how that structure would be profitable given the number of cooks in the kitchen, so to speak. 

I promise I am speaking form experience at one point I had 37.

Since my wife and I are in our mid-40s and have no retirement savings to speak of, I feel this is the best way to "fast-track" our retirement portfolio.

To be clear, you're asking if there are any benefits to a loan which allows the lender to go after you personally in satisfaction of the entire principal (simply speaking)?

But we are discussing anything in particular, or just speaking in platitudes? 

Speaking from experience, there is a ton of helpful information on here to learn from on here.What kinds of property are you thinking you'll buy?

I am fairly well-versed in construction methods and materials, but short on time and manpower, so-to-speak.  

Your response is always, "I am addressing that as we speak, and you are still obligated to pay rent regardless. 

You're safe because I haven't ever planned on speaking there.If you are a lender, suggest you chime in with your area of expertise and knowledge in either hard money or conventional original, as is appropriate for your level of experience and working knowledge.

Speak truth at all times and let the reader/listener make the decision!