Good operating agreements cover most what you're concerned about - especially "capital calls" when additional funding is needed, as well as who has day-to-day control over the partnership, what constitutes a "major decision" (like to sell or not to sell) and how decisions are mDe in case of an impasse.Shoot me an email and I can send you a sample operating agreement for an LLC as a starting point.

Now the key is many wholesalers do not know what constitutes a deal and push inflated crap that wastes investors time.

Palm Bay sought review, and we accepted jurisdiction based on the Fifth District’s certification of the following question of great public importance:Whether under Article VIII, section 2(b), Florida Constitution, section 166.021, Florida Statutes and Chapter 162, Florida Statutes, a municipality has the authority to enact an ordinance stating that its code enforcement liens, created pursuant to a code enforcement board order and recorded in the public records of the applicable county, shall be superior in dignity to prior recorded mortgages?

Most seemed to be question what constitutes a Flip.  

I know that LLC's are taxed on the PROFIT that they make, but what exactly constitutes profit?

I haven't researched every state, only a few that we're looking to invest in ourselves.You also may need to qualify what constitutes landlord friendly. 

I am in the same boat as you but only have one rental so far.With that said, on both here and other websites, there has been a LOT of spirited talk about what constitutes 'sweat equity' in a property.

As long as you know what to look for and what constitutes a good investment, wherever or however you are wanting to buy, you can mitigate risk.

If I have to hire a pro, there is no portion stating that I need to keep receipts and prove it really, I just have to have the inspector come back to the house and verify that it is up to code.I guess I am just confused now as to what constitutes a do-it-myself kind of job versus what I have to hire someone to do.  

It could be interpreted, and there has been case law, the an option constitutes equitable interest assignment and therefore violates Due on Sale Clause it the lien holder discovers.