You are both experts in these areas, respectively. 

I'm asking out of respect.

The two are very different investments with different capital requirements, holding strategies, most importantly, exit strategies.For IRR to be meaningful, the properties being compared should be very similar in almost all respect.

I understand your comment of "steady wins the race" and I can respect that.

I do think a "parent" LLC may be a good idea for the company in general, especially when you do the sale with respect to the construction liability and warranties. 

I have such admiration and respect for everything you have been through, your determination to succeed and the commitment to your family.

With respect to buy n hold.. here in Phx some areas perform better than others with respect to CAP Rate, Cash on Cash, etc.

I would assume only the NOTE would be held by the Trust, with the income from the Note flowing to the beneficiaries who would then pay their respective taxes. 

Be a good "mentee" - respect is a two-way street, you need to have respect for your mentor and they should have it for you.

With respect to #2, I was thinking about starting a property management business a while ago, since I manage a couple of my own properties.