My rationale for going the route above is that I know as an amatuer I will only be able to get the floor "SO" level and this would give me the most room/cushion for error and hide more imperfections.

I have been in the car biz for going on 31 years after I got 2 college degrees back in 1989.

The question then becomes why not get a conventional mortgage and forgo the hard money lender, I'll make an assumption here that perhaps you cannot get approved for one and forgive me if I'm overstepping.

If you want to simplify things, you might keep the asset and liability to yourself, forgo the partnership structure, and pay your long-term partner for the sweat equity that will be contributed.  

Instead of throwing $10,000 in tools on a high interest credit card, buy them from the last washout of the program who will let them go for a song. 

Another reason for going to the attorney is because we are getting about a $200K business LOC that we are in the closing stages on and will be investing it….ONLY when the numbers fit.

I'd stress the benefits to them for going with your company: hassle free, no agents, more money in their pocket, quick, stress free, easy, no showings, etc.

I'm rarely a voter for going the primary home buying route.

You may forgo the extra dollars your investments bring in each month, but keeping your property occupied and producing an income right now trumps everything

I would forgo the LLC for now get some liability insurance.