The only issue I have with this theory is that the returns %.

I used a relator to help with negotiating.

If you are carrying a high note and this is indeed your only investment I do not think there is an issue keeping this in your name. 

Issues with the property at closing: low water pressure, aging roof, several lights not working, dated interior, water stain under HVAC unit, damaged decking (burn hole & rotting boards), old appliances, holes in drywallAnticipated cost to renovate:  $22500 (includes roof, repiping from old galvanized pipes, renovation of currently empty unit)  The currently occupied unit is TBD on cost, the tenant has been in place for the past 3 years.   

I’m attentive to issues quickly and make quality fixes and updates.

He already has his in another property so the seller would have to forgo his entitlement to make is assumable.The real issue with assumable loans right now is the down payment. 

Issue is we have the JV partner and they would like to be part of the ownership if we long term hold.

Is there a timing issue with your state's laws? 

A syndication or fund should have plenty of other issue, such SEC filings, accounting standards, actually being able to manage the business, actually running the business...As for credibility, a real estate license doesn't add much, in my opinion. 

And is this an issue I should fix?