Simple fix is to really be motivated, find a neighbourhood you like, get out and either door knock, send flyers and keep calling.

I’ll stay simple as the qualified intermediary’s (QI) will respond more fully.

I'll continue to keep it simple.

Simple Question (inspired by Dr Joe)Do you think Section 8 has proven to be a more “Safe” way of collecting rents during this time?

This agreement applies to anyone that wants services beyond simple automated MLS emails - services like showings, running comps, doing drive-bys, etc. 

Companies, and it's tied to the #1 mistake more novice investors make and it is that P.M. looks easy, seems simple, and in reality it is a HUGE job that eat's time like a bottomless pit, requires considerable systems, and efficiency is EVERYTHING. 

Starting out, I would keep things as simple as reasonable on the legal side. 

Would i just need a simple P&S with the correct language?

If the partners are active, actually helping with management, signing loans, etc, then it is a JV and you can form a simple partnership to own it, but still will need to consult an attorney to draft docs and make sure everything is covered.For the 20% PML/80% bank, you will need to be careful with your lender, as they may view that as debt too, which it is. 

So, have a heart and work it out, its thats simple!