Seems like the "simplest" option (though costly in terms of realtor fees/repairs, etc)Any other options?

@Peter Kim Think of it in the simplest of terms that you are selling the house to YOURSELF.

I started selling soap making and cosmetic supplies (raw ingredients & containers) online from my basement in 2002.

Also, get the simplest (more features just means more to break) and sturdiest appliances you can find. 

Ask your accountant the best and simplest way based on your goals. 

In the simplest form, you can look at long term historical pricing to see if/how long/how steady the history of price and rent appreciation is ... there WILL be some fluctuation as RE is somewhat cyclical and nothing ever goes up in a straight line always, but does the neighborhood and surrounding neighborhoods have a long term track record, spanning several up/down cycles of appreciation and rent increase?

@James Letchford, the simplest structure would be for the investor to simply make you a loan in exchange for interest payments.

I simplified the situation to the simplest component.

We must and need to have all information in the quickest, simplest way.

@Charles Heyligen In its simplest form, you need to form the LLC with the Secretary of State, get a Tax ID, and create/sign an operating agreement.