Your ability to turn around a property with an 11% cap rate is a pretty strong selling point.

I have one property that is a 4plex in Carson City, NV.

Awesome job with getting a cash flowing property!

I just think for me $15000 would have been better spent on a down payment on a property.

I will be the one actively managing the property and doing most of the research, and my brother will act as more of an investor.

You really don't need that LLC until you pay off the property and it's questionable if you need it then as long as you maintain your property and have correct insurance.Yes to wind insurance, not sure about hurricane.I use Foremost STR policy for one property.I am about to switch to USAA (retired Navy) for another because they quoted a policy that was 3k lower than what we have.

Your lender should use the f/f that can finance the property.  

My goal for this deal is to purchase a cash-flowing multi family property to buy and hold.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

Buy a quality property, stay away from the hood, rehab it as if you would move in, take your time picking a tenant, you'll be find.