I'm not certain what happens when one of the four has a relative living with them . . . gets too complicated.

It just feels very complicated on the surface.

It gets more complicated quickly.  

Personally I thought about getting into note investing but I found it pretty complicated.

Another caution down under is to usury law and attempting to add interest to a subsequent buyer over that of underlying mortgages, this becomes complicated as the end buyer is paying a weighted rate of interest as a per cent of the underlying mortgage and equity financing, if any.      

I loved what he had to say simply because I love complicated Asset/Tax schemes.  

It was too complicated aside from the sub-2 situation!

Since partners die, this arrangement complicates buy outs and heirs inheriting the LLC interests when partners split profits differently than to their capitalized positions.

That will give you "standing" to start a probate, which could be a small estate probate (less complicated, less expensive), or a suite to quiet title. 

The best thing in a lease option is to keep it simple, which is a total oxymoron because lease options are truly complicated AND high risk (for the Seller) in an increasing market.