The big players are basically renting with rent credits.

Hi Alma,Step1:  hire an attorney who can properly draw your promissory note and trust deedStep2: call and hire your title company to ensure that it is properly recorded (and insured) at the County Recorder's office in Norwalk.that simple...

Makes me wonder how much we really need syndication if there's only 4 players.  

Obviously, being pre-qualified doesn't mean that you have any intention of actually buying, but it's really all most agents can do to ensure that they are working with legitimate buyers. 

Learn who the players are in your area.

You might want to consult an attorney to ensure you properly add your friend.In any LLC you have Managing Members and Members.

The way to ensure that no other loans would be used is through the agreements/by-laws/operating agreements of the entity in title.Other investors could join based on knowing who the other investors were, thier abilities and level of sophistication, might be fine and a good deal.

Its actually my boss and just want to ensure everything legal because that is my weakness is real estate law.

Pocket 10s. 5-way action and three-bet pre-flop by the time it came around to me -- almost laid it down but was getting pot odds (and plenty of implied odds) with 5 players in.

Good point Tevis, lots of players out there.