All in all I have been involved with 5 HUD transactions just this year where the financing was hard money. 

Do you know all that is involved?

At the end of the day, I would be out of the LLC/partnership but mortgage in my name for which I will be compensated for the risk.

If you have a little extra cash you can always set up a VA (virtual assistant) to handle many small tasks that are involved in sifting through the rubble to find a great deal.  

Our plan was to pay off our loans as fast as we can, start a corporation to mitigate risk and start a joint savings account where we do 50/50 contributions to build up cash to invest. 

Is it generally understood that in-order to get a pocket listing from a *commercial* multi-family broker, you will have that same broker represent both sides of the transaction (i.e. there is no additional "buying agent" involved?)

The risk in that one is I had to use only 5 yr recourse debt, which I do not like doing right now, but the reward warranted the risk for me.  

Out of state is too much risk, a year's income could be only equivalent to a water heater change.

I agree to miss plates, flat tires tow it but if everything is in order you are risk of being charged with auto theft regards of your weasel clause.

I never responded because I knew I wanted to cash it on the 31st instead of waiting until the first and risking another late rent fiasco.