Have you looked into any specific states yet, or are you still exploring options?

Estimates on the homes value are often completely wrong.  

Quote from @Chris Pontello: Hi Chris,Correct me if I'm wrong as I'm still learning creative financing solutions, but paying them some money would be if I could take over the loan.

It seemed like most the folks you have on staff are CPA or other, but no specific legal experts.

Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

We liked the idea of partnership on a bigger project with the specific MTR strategy in order to increase NOI and exit in 3-5 years.

The lender did everything wrong in this situation and now are paying for it.Now they are trying to sell the loan at a slight discount (oh did I say its a 0% interest loan and they jacked up the UPB of the loan instead of adding interest) - again another rookie mistake. 

I'm not familiar enough with RDU to give you specific areas or submarkets. 

I may be wrong, but will error on the cautious side.