^This.Also great for contractors, agents, and everything else.

But you have to understand the seller is taking on a significant risk of having someone else run the property and not knowing if they will get the final payout.If you are getting typical rates, why would you not just buy the property outright with 20% down and obtain mortgage financing from a lender?

Just checking if anyone else has done business with 51 West Properties.

Assuming everything else is perfect, you still pay $1900 for an upstairs 2/1.

And still have them sign a lease like you would everyone else, so it's all clear up front.

It actually sold to someone else for $20K more.

You're probably not gonna like this, and no one else has suggested it...but I would say move out of state for a while.

Before I begin renting the property what else do I need to consider ensuring the maximum amount of protection via the LLC? 

A bad deal to one, is a good deal to someone else. 

Quote from @Kevin Akers: If you have everything else in place (financing, permits, etc) and have underwritten the deal where the numbers make sense you can work on raising the 50K from private investors.