You should read through some of these numerous posts on this topic.

It’s common that this topic is misrepresented.

I currently am working on a project and have a ppm my lawyer is finalizing a few things on and have a few ideas on how to raise but wanted to reach out to hear from other investors that do have more experience in this area. 

Also, the idea separating them is so you don't accidentally spend them and then no way to pay it back when the time comes.Some states if you don't refund the security deposit within X amount of days, the penality is that you will have to pay back the security deposit x2. 

@Joseph Gary It's definitely a great idea to find properties with little to no work especially if this is your first time doing out of state investing.

Smart idea staying flexible in this environment.

Ensure you understand local regulations regarding permits; it’s usually a good idea for your associates to form an LLC for liability protection, but individuals can do renovations as long as they pull the necessary permits.

In most cases, neither is warranted.Warning: I am not an attorney, and this can be a complicated topic.

Grant,Great question/topic.

For the LTR, we used(took off market yesterday while trying to decide on the said topic) market it at $2050 with concession of $1000 with all utilities paid for by the tenant.