Part of your journey will involve a great level of trust.

Should I risk getting involved in this, or should I run as fast and as far away as I can?

Banks will look at all credit scores that are involved but your business plan, ability to purchase good deals with low LTV ratio's and the fact that the other members have stellar credit will all be looked at and also taken into consideration.The idea of having a few "senior partners" with more share in the company can be done, so long as the other "non senior partner" agrees with the terms.Which ever way you choose to go, you MUST have an iron clad operating agreement written up by a competant attorney.

I'm involved with one right now that started 1 month ago so it will be a good test to see if things have changed.

Does anyone have a good reference, website, or resource that goes over differnet taxes involved in renting or selling real estate?

Getting the license isn't hard and a good way to get involved if you're going into investing.

I (and others I'm sure) would have more to say if I knew a conversation I was once involved in continued without me....

A record of that Promissary note should be available to all parties involved.

I'm involved in all facets of real estate, from residential, land and commercial brokerage, to real estate land development, new home construction, the occasional renovation and enjoy real estate investing of all sorts, primarily buy and hold large land tracts.

Ethics are a big deal for Realtors here in California, for instance we( Realtors) can't be involved in a subject 2 deal, as this would jeopardize our code of ethics.