A simple business decision that's up to you.

@Bob Gruenig it might help if you could clarify what you're trying to accomplish with the LLC strategy.The most simple and common way to invest in a syndication is to put money as an individual.

Could it be as simple as finding a good Realtor, buying in a working class neighborhood, etc, and renting it out?

Grace Property Management is pretty decent.As for the draining of the buckets, simple solution. 

More of a simple screening tool, and at least I have some kind of idea for who to go after if there are damages of fraud. 

Simple.

I'd check out Natalie Kolodij's podcast- she knows her stuff and she makes the concepts simple and interesting. 

That keeps it simple for both sides of the transaction.

I am leaning towards demolishing the house and building a simple 3/2 but I have no market data in the city for new builds in recent years.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.