Yes get a LLC or a partnership formed defining who gets what percentages.

@Jay Legaspi I think a partnership is a great idea, just make sure whatever arrangement you make is as clearly defined as possible and written out ahead of time- and everyone agrees to it.I started with single family, and I'd advise that route too.

Or...other recommendations on how we could finance the projects and some component of the "fix"?

It's for max 2 units and up to 50K in repairs from what I understand.  203K will allow up to 4 units, but there is a down payment component of 3.5%.Thanks for your service.Stephanie

The pump that is used to circulate the hot water through the system is the component that typically needs the most regular maintenance.

But, I see no reason not to take the book with you too, and use it as a guide so you don't forget anything...BP will be releasing the Second Edition of the book in a few months, and I've included a section on "Inspection Tips" for each of the 25 components. 

I don’t think that this would be feasible due to the value add or forced appreciation component of the BRRRR strategy through rehab being missing in the standard turnkey model. 

I'm in the middle of creating a business model, defining my business, and doing all the leg work to secure financing for it and what not. 

Define this- what do you need to succeed.  

David Wright Thank you, those are definately some things to consider.