I'm not a lawyer and not giving legal advice  -  I'm not a CPA and not giving finical advice  -  Simply my opinions@Ike MutabannaTo find a lawyer try checking on the Texas bar website www.texasbar.com You can choose specialties such as Real Estate and professionals with an office location near you.My $0.02 on the Series LLC concept  - I read David Willis' books - it seems he likes the use of Series LLC's for asset protection. 

This way, you are earning $ but, more importantly, not risking anything AND at the same time you are learning what's good, what’s bad (what the professional buyers like or don't like and why) as well as the entire due diligence/backend process so that after you do a few of these transactions, you will be MUCH better prepared to invest in notes for your own account.I've been working with new note investors for 20 + years, matching them up with the right funder depending upon the types of transactions they want to refer.

There are SEC regulations that need to be followed when raising private money.

William,Option 1 - pay close attention to the fees and regulations with HOA/COAs.

Rather than fighting with underwriting once in escrow and with earnest money possibly being on the line (or risking a refi falling through), I'd suggest having the friendly "fight" with your tax professional upfront in order to get as much as possible shoved into line 18 "depreciation."

You can potentially rent it out as a "housemate" listing, or do AirBnB/HomeAway (based on your cities STR regulation).

And before going further, I'm in discussions with a tax professional but looking for anything myself or they haven't thought of from the BP community.I guess my question is for folks that have been investing in real estate for years and built out several properties, knowing what you know now is there anything you would have done differently when you started? 

You need to improve your screening or raise your standards.Tell the upper tenant you will not be renewing the lower tenants lease in April and try to convince them to stay.Give the lower unit the notice according to your state regulations when it is time.Regardless of whether the upper unit tenant stays or not I would definatly not be renewing the lower tenant.

I say all this to ask my real question: How the hell do I present this professionally to a person or institution so they can feel reasonably inclined to take a chance on me and the deals?

A lot seemed to be industry professionals more so than investors.Another group is done through IRBY.