If one investor funds the whole thing as EQUITY (more likely given the circumstances) it is a security and specific procedures must be followed UNLESS the investor is a working partner and has some managerial control, in which case it's a partnership or joint venture.You asked about structure...this is really between you and the source of money.

About the "limited supply" of land and real estate, there is an endless supply of circumstances.

From my research it is going to be much easier to self-manage when you have 2-4 because you have more "cleaning" fees to work with to entice a cleaning women to be prompt. 

What route is my best bet with said circumstances?

Courts may then accept waivers of certain rights under some circumstance where such may not be applicable in fairness, some rights may not be waived by agreement.

I had planned to attend a local REIA meeting last night but certain circumstances prevented me from being able to attend.

Especially in a market quickly moving upward (both price and rents), a lot of investors haven't analyzed the old (then-too-high) listings in light of the current market, the listing agents usually aren't getting many calls, and the owner may not realize how much the market has moved, or circumstances have changed and they just want to get rid of it.

If the borrower can document extenuating circumstances, the waiting period for a loan with a 90% LTV drops to two years.FHA requires borrowers who weren't paying their mortgage when they sold their house to wait three years before they can qualify for a home loan.

It is an exceptionally useful tool under the right circumstances, but can present some tricky problems. 

Just wanted to throw out some of the disadvantages too, although these didn't stop me for my circumstances..