But, it has a co-owner.

Deanna, I didn't even think about a co-signer.  

I will be setting up a non-series LLC, and will have an umbrella liability policy with the LLC as a co-insured.

An "allowance" is different, sometimes an "allowance" is used to fast track the process of proceeding small unforseen changes such as rotten subfloor, but, it is still either entered into a CO or T&M.Maybe this will help you on how you structure your contracts and follow industry standards, in case you run into trouble, you'll find yourself in solid ground.

Like I said, they are mostly other wholesalers.. and from my experience, few are good deals such that you could make a profit on a co-wholesale deal.

If you don't want to use your home address, get a virtual office (through a co-working community in your area or a UPS store, where you can rent a mailbox.)Also about the envelope: I write my personal name with a physical address as the return address.

i got my first house on a tip from a co-worker who lived on that same cul-de-sac street.

I thought it would be easier to manage IF we did it ourselves, but then hired a co to do the management.Finding tenants and qualifying them scares me however, I feel I can market it better than they do.

Well, the easy rout would be to start calling ads on Crags list and before paying to fill out an application just be upfront with the owner and ask him/her if you can rent there.There are people who will rent to you, but most will run a background check on you.Some will want first, last and a security, some only first and security.If you are under-employed and have a co-signer, its not a lot different than a college rental.I'd say just start calling ads in Craig's list on after another and if someone say OK, and offers to let you apply for a fee (to run a personal background check) then make it happen.https://www.youtube.com/watch?

Off-market from a co-workerHow did you finance this deal?