Specifics such as do you all setup an LLC between each other, simple partnership paperwork, etc. and if you go for funding is it easy to apply with 3 or 4 people on it ?

Put most of your 'profits' at first into contingency fund, then budget a percentage of monthly flow to keep that account growing. 

No investor is going to go for thisTransactional funding is the only way to get it done

Likely leaning on funding deals with a HELOC on our primary, and I'm still mulling the best strategy to use HELOC funds - leaning towards BRRRR or buy and flip, to keep the funds freed up.Excited to engage with you all, learn, and contribute once I've got some experiences to share!

I invested $ 165K from IRA to buy a lot and develop it into a building.  

I'm looking to rollover my 401k into a self-directed IRA for the purpose of investing in a note.

I would also appreciate any advice for my situation (low funds, tarnished credit), thanks for your time! 

Amazon, Warrant Buffet funds people are always buying because they have been great investments with great potential.If you buy properties in C, D area for long term at this time of the cycle for long haul that is different from buying C,D areas at the peak and try to flip.

Interest applied to the original Loan amount, and not to the remaining balance.2 - 20 year term to payoff.3 - Payments would be made monthly for P & I.4 - Interest over 20 years @ 10%/year = $10k/year for each loan.5 - Principle payoff per year = $5k/yr/loan6 - TOTAL coverage needed = $15k/yr/loan or $30k/yr based on $200k in loans (both loans)This allows you to use the funds as many times as you want, but only have to pay for these funds once. 

If you win the bid, you have to get your paperwork and funds in quickly or they can withdraw the offer.