Conventional loans are the best but like you said limited.

Even if you don't immediately get pre-approved, a lender can help you set some parameters for your search as you figure out what's on the market near you. 

Typically most lenders will cap you at a $500k line of credit limit.

Buildium help suggests setting up a bank account and running it with a negative balance. 

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

I rent single family homes to companies that take care of special needs people.  5 unrelated individuals is the limit for a rental property but people still refer to them as group homes. 

Particularly be sure to include your goals for real estate investing so that folks can help you. 2) Follow your favorite forum topics and set up keyword alerts!

Putting real estate assets into an LLC or trust are all terms I hear about but am wondering if that would be appropriate and/or necessary in this situation to off set any potential liability?

I have the contracts ready, cash buyers waiting, and company set up to lock up deals.  

Development is a speculative investment, and limited partners typically will want a much higher upside potential, so you might be better off starting a fund where you agree to share the profits with the investors even after they recover their initial investment.