At a minimum, it should start raise eyebrows that there are no set standards of effectiveness...no lessons learned that have been captured...from the thousands of existing HOAs that can be quite powerful in an individual's ability to own and use land.It's more of a curiousity.

Will that affect my ability to get a mortgage?

The ability to set your own schedule and not have to answer to anyone is worth the risks of venturing out.

I do want the ability to segregate the access so co-investors can see only those properties where they have a slice of the deal.

I plan to charge him little or no cash in the referral, in exchange for the ability to shadow him on the deal.

I want to learn as much as I can about the various elements of REI and rehabbing, as I feel I should be as prepared as possible before getting myself into what could be a huge risk with big negative consequences if not handled correctly.

You'll be a millionaire and have the ability to make millions upon millions more.So just do a deal to get the experience from it.

It does not exclude one's ability to do a DCF analysis.I think all of the posters here agree that one needs to do proper due diligence on any investment and do a financial analysis if the numbers are not obvious.Interestingly, although I am a big proponent of discounted cash flow modeling, Warren Buffett does not do all that stuff.

Being the member-manager of the LLC, you have the ability and authority to act in any way on behalf of the company.

Year 2 and after that is up to his ability to work the deal.