Did you first locate the deal then build your team of investors or did you get each person to agree then start shopping for deals?

I would consider this a decent (not great) loan for an LLC.I think you should potentially shop it around a little, but it's not bad what he's offering. 

Hi Everyone,I'm a new(ish) investor in the Atlanta market, buying primarily in southwest ITP neighborhoods. 

It’s in a great neighborhood surrounded by homes and nearby schools.

You just have to call around, and here’s some questions you can ask when calling to help find the one that works best for you: https://www.biggerpockets.com/blogs/8129/51407-what-you-need-to-know-when-shopping-for-a-heloc

If it is based on comps, does that mean it's based on comps of other multifamily properties or SFR's in the neighborhood?

Some units will be above the higher end of that (nicer neighborhood, bigger house, more amenities, nicer upgrades) and some will be well below that range (not upgraded, on a rougher street, smaller, etc).

Parents really push to shop around and eventually I found a local bank that offered 5% fixed for 5 years then prime +.05.

Neighborhood.

Also I have a wife and 1 year old son so living in some D-class neighborhood is also out of the question.