As far as the loan, I was considering going with a Military Choice loan from Navy Fed as they do not require any money down and will do 100% financing to include fees.

If I buy a property in a Land Trust,Or if I originate a note in a Land Trust,Then sell partial beneficial interest in the Land Trust to multiple individuals,Do I need a PPM and need to have this passed by the SEC ?

The house is old as well, with some issues (all 3 furnaces will need to be replaced within 3-5 years).What would be the wisest choice for a first investment?

That being said, many of the smaller towns along the coast and inland have a smattering of multi-family properties, which may be a better choice if you're concerned about school district, etc.

She wont give you her subs because you can just go to them individually and use them.

Others are minutes away from downtown areas and may make a smarter choice.  

All individual has the right to cool and heat, just like a regular tenant that could sue you if you don’t fix the heating unit and they’re freezing.

Co-op owners strategically use the board to discourage speculative or absentee choices of almost any kind.

You have to look at the deals individually to make sure they work.

If so, an LLC isn't the best choice.