My goal is a win-win situation, and it's basically for him to do owner financing and rent. 

Ok, so basically if you have your 25% downpayment you can just go buy any property off the MLS.  

I responded to your DM, but it's basically what @Chris Seveney said.

What they are basically selling is that we bought $150k worth of appliances/cabinetry/carpets etc with the property.

But as I got more experienced I learn less and less from most forum posts are you know most basics already.

If it's your first LLC, though, it might be wise to work with an attorney to guide you through the setup process and some basic steps to take afterward.

You can offset the passive losses from one rental against the positive income from another rental.Therefore, you will likely have a net $3,000 loss across all the three rentals which you would carry forward.If your depreciation was more than $3,000, you basically made cash-flow or rental income that was not taxed, which is good.Best of luck

You are basically building a new home on a piece of land.

I have some basic numbers done.

Holds you accountable to accomplish task and the group is a wealth of knowledge.