It sounds great in theory until your underwater, with no tools, no oxygen, and a mouth with sharp teeth wide open ready to snatch you up.If the possibility to partner with someone immediately, who you trust, and knows what they're doing...I'd say walk away.

You said it best yourself, you don't know what you don't know, so talk about what you do - your current situation; including any frustrations/pains or particular needs you may have.

The biggest impact from rates won't be on an individual deal, it'll be the painful trickle down effect of shrinking margins on large debt holders.

But along with that comes stuff like you have to have regular meetings and record the minutes, etc. it’s a pain, and you have to do it if you want to make sure the S Corp can’t be pierced.

This has been n absolutely painful experience. 

I fear being a PM in California with how eviction laws favor tenants and, should a vacancy arise, those mortgage payments would be pretty painful to absorb, especially with minimal cash flow.

The possible pain involved dealing with the wrong entitled person is worth spending the money on a lawyer.

In addition, the 6 month time frame is a real pain in the neck in the current market!

I personally aproached the homeowner, offered cash to close and gave them help to move and up to $5,000 above the amount due for them to make the transition less painful. 

I feel your pain!