I bet my advice works in other markets besides KC, KC is just the one I know! 

Also, are there advantages (for acquiring bank loans in the future) to getting the loan/deed in either one of our names versus getting the loan/deed put into our names jointly?

How much do you want to bet that these people will simply not pay until August and then move out?

Hi Alex, my advice for you would be to prepare a solid investor packet for them, regardless of relations: friends/family or Hard Money lenders, show them how you will put their money to work for them, the investment strategy and how it works, allay their fears by addressing risk, how you are protecting them and what your risk mitigation strategy is, Breakdown the deal for them and Address the benefits of why it is they should invest in you and your system versus keep their money elsewhere.

La Jolla is the safer bet for your investment approach I think.

If the properties on 3 different parcels, and you use conventional financing, I bet they make you use 3 different loan spots. 

I'm in San Diego and would love to invest locally to be more involved in the deal, but not sure if I'm up to bet 600K+ on my first deal, rather than something out of state for a fraction of the cost, lol.

You have to look at the sponsor operator and assess your level of comfort investing with them versus the expected BUT NOT guaranteed returns.

So, learning as much as you can about what things cost and what you can see versus can't see within the walls is key.

Indicated he prefers to pay down debt versus cash-out refi.