An attorney can create an operating agreement for you and give you ideas on what to include in your operating agreement.Loans will probably be personally guaranteed, so it doesn't matter if it's in an LLC.

Whether you’re trying to find off-market deals, build a pipeline of motivated sellers, or scale up your operations, there are some game-changing tools and methods that can seriously boost your efforts.I’m really passionate about helping others take their business to the next level, and I’ve seen firsthand how these approaches can deliver results.

It’s a gamble, but just looking for ideas from more seasoned real estate minds.

The LLC would collect rental payments in a business account and make the monthly payments on the mortgage operating like it should.

Several reasons: market rates, cost of operations, risks of the tenant in particular, rental history, turnover potential, loss of rent during turnover period, "hot" or "cold" market, etc.

@Sean Conroy, this really depends on two things: first, the land zoned in a way that you can subdivide and build more units (question for building/zoning department) and second, financial returns on doing this versus using the capital to buy.New construction certainly has its advantages on the operating side, and can often get a premium to remodeled, older units.  

@Rick Albert assuming that in your situation you and your investor are owning/managing these as purely investments and thus holding everything via a partnership operating agreement?  

My husband has 15 years of experience in Operations.

Using an attorney, CPA or a 3rd party as agent is smarter.2) Having an Operating Agreement---Without one, you don't have a viable LLC and highly likely a judge will set it aside.3) Buying a property in your name to get a FNMA/FHA/VA mortgage, then transferring the property to an LLC via QCD. 

While the repairs will temporarily affect rental operations, the long-term tax advantages from depreciation could help recover some of the initial financial outlay.In terms of negotiations, it would be wise to push for a larger price reduction instead of accepting a cashier's check, given the magnitude of the repairs and the expected loss of rental income during the downtime.