If it helps at all it does count as interest and you can write points off on your tax returns (but please consult a tax professional for the specifics).

I understand that I should consult attorney if I am serious about pursuing this issue, but can you shed a light on advantage/disadvantage of sole member vs. partnership LLC for rental?

I know its suggested to approach a realtor or get an appraiser to determine the fair selling price of Real estate.  But as it has been mentioned in some of the other posts also, that it is not always feasible to appro...

If you don't like the idea of $200 an hour, you'd probably really hate to pay my consulting fee of $350 an hour.

Account Closed said, you should consult with a professional, especially for dissolution provisions when there will be more than two partners.

I don't know this for certain and recommend you contact and attorney for this but I think the distinction might be its fine if you are a partner in the deal or you are some sort of consultant if the work is in the project management. 

I will definitely be consulting an attorney and CPA.

I now need never worry about the reliability of the Smartkey system.

I am an investing newbie and was wondering if anyone could recommend a reliable general contractor in the Columbia, SC area?

You may have to have them sign a quit claim deed though but I would consult a lawyer or mortgage broker if you decide to go that route to make sure it is all done correctly.