I realize you are in FL which may change the mechanics of how one actually records a Deed or Deed of Trust but not the laws that dictate whether or not it can be recorded.

If you get in some situation where actions of any kind are necessary to force a member or corporate officer out, it will be an adversarial issue to some point, it is not a pleasant thing to fire someone and splitting the sheets in business is much like a divorce of a marriage.Now, if there is mutual consent, it can be easier, but it's still a divorce and both will be admitting failure of their initial intentions.

I want to get my hands dirty if for no other reason than to learn the mechanics behind this business.

When I run a potential tenant through the clerk of the court and they have 6 citations in 3 years...speeding...running stop sign...no insurance card etc...to me that indicates a failure to obey the law and follow the rules and I think they would do that as a tenant also...my property manager disagrees and says we all do it...I do not have 1 citation on the clerk's site !

I have some financial scars from a past business failure.

It helps alot when you know how to talk to people, my fulltime job I am a salesman/mechanic.

What are investors successes and failures when it comes to vacation properties?

Most investors who have been in this business awhile will have experienced setbacks, failure, lost money, lost time, and other devastating events.

Not disclosing the option price to an appraiser also will be a lending violation, failure to disclose an option price paid is also a violation of ALTA requirements and the settlement agent will fail to properly account for settlements.  

Most eviction papers say due to failure of paying rent...etc...but this is not the issue..?