Really appreciate all of you guys participating in this thread and helping me out!

@Jeff Schechter  I am totally behind locals building portfolios in these assets class's I have done that in 4 other markets in the US .. helped one operator I have funded over 200 homes and provided the long term financing for them.. so they now are proud owner of a 220 home portfolio all C class in their home town.. and all with my money  LOL>. its what I do.. but only for select folks of course.. so to that end I agree with folks like you being born raised and living there building that portfolio.

I want to try and get this unit but I have never participated in this type of in person auction.

I'm not sure if you should add a surcharge for helping them out, or if they should charge you a participation fee in their drama.

Plan assets are held in a trust, trust can own brokerage account at Fidelity, checking account at Solera bank, a promissory note, a single family residence, another account at Solera for your Roth funds, a separate account for your spouse rollovers (if she is also plan participant), etc, etc.

A shared appreciation promissory note (aka a "participation loan") allows you to: a) simply split profits after pre-defined expenses are deducted or b) you could offer a much lower fixed return (e.g., 6%) plus a share of profits.

Since you already have a friend who has done fix and flips and you've been networking (not to mention, you've been researching), I'd suggest going it alone, but with frequent lunches to pick brains of willing participants. 

I'm proud to say, after moving over to KW in February, I capped in September!

The lender will ask for an organization chart showing ownership interests of all of the participants and a copy of your LLC or LP Agreement before closing and will want a list of investors (with their signature pages) and their percentage interests.

Looking at the stock market(which isn't exactly like the real estate market, but the participants are the same- people and corporations,) Jeremy Siegel did some research showing that if you ONLY bought an exchange-traded fund reflecting the broad market at market peaks(yes- right BEFORE crashes) and simply held on through the crashes, your returns would be dramatically better than the average investor's returns.