Echoing what Shawn said above, you would have a vast array of options ranging from lively resorts with tons of amenities (think water slides, lazy rivers, tennis)...ranging to quieter resorts with lots of green space and forest or lake view homes.

The 50/50 split is accurate, based on the profit made on the deal. 

I will send you a DM now to touch base on this. 

Don't make asks, just ask questions.You take that relationship building and add to it podcasts with guests specific to multifamily and books on multifamily so you fully vet that as an option.

They are also primarily owned through Funds so that there are more options with the financing to keep overall exposure low.

I'm only answering based off our experience.

LLC optional and if it ever came down to the LLC being your last source of protection it's very possible that wouldn't hold up. 

One option is to partner with an experienced operator or you could invest passively in a deal or two depending on the sponsors minimums.

All great options for finding neighborhood info.

2) the financial upside of a non-performing note going to performing (funds will tend to take this for themselves)3) to not have all my risk concentrated into a few investments Partials seemed like a good option with those three requirements but maybe I'm looking for too much.