Usually funds that offer higher returns have way higher risks with second position debt, long lockups, are more aggressive on LTV, or use high fund leverage.

It sounds like you and your best friend have a solid plan in place and are eager to get started.Regarding your question about structuring your business, you're correct that forming an LLC is a common route for real estate ventures due to liability protection it offers.

They're all within quick commutes of these larger metros and offer value in a multitude of ways for renters and investors.

In actuality the lender won’t lend because title companies won’t offer title insurance until the 2 year period expires.  

Wondering if there is any combine service for these?

What are your thoughts on buying with cash to be competitive with the offer in a multiple offer scenario and then finance the property immediately after closing to get the cash back?

Smaller banks will typically have a commercial lending division and offer construction loans.

How do I go about determining what to offer and what figure is fair?

I found it on the MLS, my realtor offered on it!

Or can they operate independently sourcing lending offers from various lenders on behalf of buyers?