It will save you a lot of time and head aches. 

I get his position, too much potential head-ache with unknown quantity of new partner(s) and potentially less return for him, when he has spent a life time forming his own company/dream team and investor pool.

It's not as cool-looking as its brother the GS850G but still technically qualifies as a muscle bike.

I arranged for the owner to lease the property to the buyer for exactly the note payment to me, and I would ACH funds directly on a monthly basis.

Sounds like a great learning experience, as well as practice exercising that risk muscle. 

Then again prices have reached some astronomical levels over the last couple of years, making that potential correction percentage look like it'll flex some muscles.   

So if and when the time comes to sell that LLC would have to do the 1031 exchange and the members go along with it.I spose you could also simply form a JV where they brought in the land and you brought in the muscle but each retained control of their own assets and crafted a very strong JV agreement. 

Checks come in ACH monthly and I love it.

Typically a 3/2 SFR will attract higher quality tenants that occupy for longer periods giving you less head ache.

Some of the prepaid debit cards are capable of ACH debit transactions (netspend).