There are quite a few action items  most real estate investors fail to implement that are far more helpful with respect to asset protection than merely creating an LLC.

I have a lot of respect for Dave.

You deserve great tenants respect the home you are providing.

However, my wife was not with me at the time so in respect he had to end the conversation, because I'm sure it was eventually going to lead to making a decision on whatever they were trying to market.

ThanksALL DO respect, if you do not know the numbers then do not do it.

Be sure you and your friend are receiving annual forms 1098 associated with both loans and that you discuss with your respective tax advisors.You will purchase hazard insurance in your name, listing the underlying lienholder as 1st loss payee and your friend as 2nd loss payee.When structuring a wrap, it's best for the wrap term to be longer than the term for the underlying loan and of course the monthly P&I payment to be higher. 

And please don't respond if you're not going to be helpful or respectful. 

My personal investing goals are almost always different from my client's goals, and at every turning point in a transaction, I do my best to respect that line and not try to inject personal opinions.  

I finally had to hang up on him since he did not respect my attempts to get off the phone respectfully.

Respectfully, since you're a syndicator; you may be a bit bias.