Or was it purely based on a recommendation or referral?

@Joy JonesCheck with a real estate attorney in your state, but wholesaling is pretty much legal in every state because you are purchasing a property.

If not a pure syndication with 10ish investors, what would be a better way to structure the investment package?  

I think the answer is purely in the numbers.

Do your best to keep your Profit and Loss calculations pure and then manipulate those figures however you choose in order to figure your personal analysis.Note that some accounting packages will create a Statement of Cash Flows for you. 

@Joy Jones I am not an attorney but here is the way I view it.

This assumes a pure cash investment. 

Would you say taking into account my market's trends when it comes to rising rents, property values, and moving trends is pure speculation or a legitimate investment analysis?

Purely from an investing standpoint, I love the little cabins the best.  

I got my license purely for the buy/list purpose of my investment properties.