So I agree keep it simple.I would just say to make sure you put in there that if person "A" is unable to complete said task that there is additional compensation for person "B".

Might want to consider finding a senior loan officer and work under that person as a junior loan officer. 

Again, I must respectfully disagree with @Andre M. as you DO NOT need a different umbrella policy for each asset.

You need to conduct business as if the LLC is "another person," as indeed it is its own legal entity. 

He's out of Waynesville, phenomenal agent and great person as well.

Same rules as long term rental screening apply: outline in detail what your target customer persona would care about in a rental, then invest your time building and speaking to that. 

Got rid of a lot of debt and also made a really good profit (cash going into a bad economy).If your Person A, you should be Trailer, house or MFH house hacking or flipping. 

The top two are co-mingling funds and using the LLC as your alter-ego (just imagine the LLC as another person, a stranger to you, when transacting with it).As for insurance, yes normally those who invest with their personal names use homeowner/landlord insurance with an umbrella policy (ref:  https://www.biggerpockets.com/...). 

@Mitch Franklin,First, you need to be aware of some implications using self-directed IRA for fix and flip projects such as non-recourse financing and "disqualified person".As "disqualified person" to your IRA - you are not allowed to provide any services to your IRA so the entire project must be outsourced to a third party. 

Person A will bring 42% of capital and Person B will bring 16% of capital.