This depends on the neighborhood, material/finishes, custom touches, new roof, HVAC, electrical, plumbing, and ARV.

In my state, owning an LLC is quite expensive (800/year), so the risk/reward calculation is a little more skewed, but still generally makes sense for larger MFR deals.The debate really heats up if you're talking about residential class (1-4 units) as there are material advantages to owning under your personal name.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Materially participate in crafting your goal(s), your plan (working backwards from your specified goal(s).  

We have Lowes and other accounts to purchase materials for repairs or renovations.

Agreed with @Theresa HarrisGet a contractor recommendation (or multiple) from your friend and reach out to GCs yourself to have a couple of quotes and ideas for the renovation project.During the walkthroughs, you can pick the contractor's brain regarding pricing on different material grades, efficient layout ideas, etc.

New investors can go at there own pace, build relationships, and get better deals on materials and labor. 

I noticed on Zillow that asbestos was listed as a building material, but I didn't pay attention to it until my insurance agent mentioned it.

I requested copies of the income taxes for them both and it looks like this could be a pretty good deal but I'm not sure how much he spends on materials to keep them running as that was not included in his "financial report" (which was a piece of paper with number written for utilities).

In the sales contract the option to limit the seller to retaining the deposit instead of suing for liquidated damages is usually selected.