That is to say I can draw on them for 10 years and after that the remaining balance transfers to a fixed term loan for the balance of time without the ability to draw more principal.

You could consider making the purchase in your name and then transferring the title to your LLC.

"Due on sales clause" risk if property is under a loan in your name but LLC has ownership.Personal Ownership :Pros : Easy. 

I have another person on the title with me. 50/50 ownership. the mortgage is under my name .

Existing contracts transfer with the sale of the property and must be honored.

CoCR is based on regaining your cash you spend in the first year of ownership. 

I could imagine the seller might be weary of the buyer suggesting, "hey, you should use my agent".What, if any, differences are worth highlighting between the MLS and off-market ownership transfer process?

I created spreadsheets to analyze all types of costs and methods of ownership and comparison tables... and I actually joined this community to learn how to use REI to help fund my aviation dreams.  

You have to use money to give the seller "moving money", money to bring the loan current if they are behind, money for title reports, money for escrow, money for advertising, money for making the payments after you take ownership, money for repairs if needed, money for cleaning the property, money in reserve in case everything falls apart (just to mention the big ones, there are also Insurance, water, electricity, power, property taxes and so on).

@Lesleigh S.Depends on your current loan situation, but one of the more common ways to do this is to transfer the property into your personal name if you plan to refinance.