If the partner will be receiving part of the profits, you could both be in the LLC or you could be Joint Venture partners which is simpler for both of you. 

Also, are there any other gotchas I should be aware of before I try to take this on as a DIY?

@Diego A.If any investors are passive, you need to setup a syndication since it is a security.If all of the investors are active, you can setup a joint venture partnership. 

@Claudio Garcia Zuniga if you have to ask - then you don't know enough to DIY manage.Hire a PMC!

We are cash and not debt heavy into this venture.  

Many investors are DIY Landlords who know very little about how to manage their property.

Now, we are eager to leverage our expertise for our own venture. 

But for what it's worth, industries whether small to large cap now will double down in the main bigger city then venturing 30mi towards the biggest suburb.

So you're not left trying to DIY it.BTW - You can indeed have as many 1031s open as you want. 

WE are venturing in the Philippines with a view towards retirement - having properties that will pay for itself, a place to stay when we come to the US and buy & Hold for our future retirement or our kids in the future.