I think the trick to getting involved in real estate is to start. 

My experience has been that your return on investment correlates with your involvement in the process.

I work full time, but I want to become involved in real estate "on the side" to gain passive cash flow. 

Small-multi's are tough to find here in the triangle, but you'll be able to snag one if you have a good eye and put in some work.

I've seen hand sketched site plans approved but these calculations are much more involved. 

Getting a notary involved just proves you are who you say you are, it doesn't show ownership though.

These tools I have found here on BP, is eye opening,  I have never did any spread sheets ever.    

But the bottom line is as a investor dealing with a seller without brokerage involve, the best thing you can do is disclose that you are a lic agent and that you are looking to assign the contract your end buyer, investor for a fee. 

But, the loan will come due at the end of the balloon period.Due to the risk involved, the longer the balloon period the higher the interest rate.

I don't want this to get to a legal issue, but given the money involved - it might.