He's basically wholesaling you a deal for an $18,000 fee.

My pet fees are not.

Changes some of my answer below, but here would be most of the types of transactions you would have in these accounts and between them.Property transactions would be: all property specific rents and expenses, allocated expense transfer to the master LLC and transfers to master LLC bank account for profit AND/OR property management fee.Master LLC transactions would be: Shared expenses going out, reimbursements/transfers from properties for their allocated share of those expenses coming in, the transfers from your properties deemed as profit AND/OR property management fee and then transfers to your personal accounts deemed as owner distributions.Other transfers that could occur is if the master LLC needs to transfer to the properties for capital expenditures above and beyond the reserves you might leave in their accounts.

I wouldn't go for a condo, as the HOA fees and restrictions could affect your ability to rent it out, and the resale value will always be lower than a comparable SFR.

.$400Baseboard (had it left over from another job so $0, but would have cost around $100)New interior door, wood studs, drywall, mud  $300Paint $100Dump Fees $500Misc stuff I’m probably forgetting $500TOTAL COST $12,500Rehab cost per square foot = $25

The fees are high - especially the broker fee.

It’s doubtful you had a hud/fha insured loan for $20k (with accumulated fees, penalties,etc) that they missed.

If it's only 1 unit, and you are just starting,  Airbnb and Furnished Finder would be good.FF has a very small yearly fee and airbnb will take a commission, but it will also get you used to both.

PadSplit's fee is actually 8% + the first 10-days.

Assuming you got that loan with no origination, underwriting, appraisal or other fees/costs.