What am I missing from StartUp Plan?

[Jennie Ballard]

We are moving to south side of DFW and are looking to get into real estate. I'd appreciate a gander at our plans.

Resources:

Me: 60k cash (CARES IRA withdrawal), currently looking for new 100K+ W2 job. A truck with $521/mo loan and value=loan amount is only debt. Also have paid off cargo trailer (~$5k) and car (~$2k). Currently making ends meet on unemployment check.

Hubby: Self employed electrical engineer but all contracts have dried up. RV (~$17K) paid off and our primary residence.

Brother-In-Law: Landlord in the area and willing to advise and refer realtor, lawyer, contractor, etc. Maybe willing invest

Grandma-In-Law: Retired construction & rehab superintendant, willing to advise and maybe invest.

Goal: Small porfolio of rentals that provides cash flow to invest towards future kids college and builds equity.

Plan:

-Setup LLC that has managing members and investing members in Operating Agreement with buy in/out information.

-Buy a distressed property outright and get rehab loan or buy a duplex/triplex that is already leased out. Distressed property ie new roof is ~$45K for 2/1 while good condition is ~$110K or triplex of 1/1 is ~$140k. 

As I understand things, having hard cash but no W2 job rules out conventional lending so starting with LLC doesn't affect lending opportunities. The potential of family members investing points at LLC treated like partnership with K-1 forms. We can declare as women owned business since startup cash is all mine and I will be doing the deal analysis/ bookkeeping.

What am I missing? Thanks for any advice!