It would be just as easy for your LLC to buy a portion of the new property and your partner to buy a portion of the new property as tenants in common.

My only thought is the common element over 3 years is the owner. 

@Tom McDaniel After dissolving the LLC, each individual partner would be considered tenants in common and the interest would then be distributed evenly to each partner.

I know for a lot of investors it is common to want to hold onto a door for a couple of years then 1031 to a more expensive property to grow their portfolio.Me being someone that has a lot of available cash but currently 0 properties.

What all types of residential development have in common is the due diligence and planning process on the front end.

Just wondering what common practice is for most other investors who invest out of their home state. 

Rent backs are super common.

@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.

Probably a dozen more reasons than the 5 most common/important above."

It is increasingly common for a PM to charge a "leasing fee" which covers all the costs of marketing, showing, screening, placing tenant under contract, collecting deposit and rent, setting up utilities, getting the tenant placed, etc.If the PM can't justify the cost, then they shouldn't be charging it.