LLCs are normal for CRE, so you divvy up the ownership interest how you and your capital partner(s) see fit.What's your specific question? 

What made you interested in investing in this type of deal?

If you do this, make sure you have clear intentions and written terms each party agrees to.  

It could include selling well below market value, giving a majority interest to your partner (like 51%).

My basic underwriting making some standard assumptions on HOA expenses, 20% down, 7% interest rate, 30 year mortgage, utilities, supplies, and maintenance costs shows a loss of about $22k per year if you are self managing.

This allows you to participate from the comfort of your own home while still networking and learning.

This will clarify and reinforce what you are reading.

This creates a negative initial position.

@Shiloh Lundahl,At this point, the amount of time you're putting into this is making me laugh. 

Typically if you attend any investor meetings about 1/2 the crowd in many groups are agents looking for business.If you want to network, try service clubs, alumni groups, charities, religious groups, hobby groups or whatever interests you.