You have caused me great loss and agony...I had to sell the home at a loss with all the pipes frozen up because I did not have any money to fix the roof/windows/furnace and all the other issues as got scammed by you!!

We also will be financing ourselves, and expect things to be a bit messy in terms of separation of funds, so to avoid a co-migling/pierce the veil situation, we've decided to hold off on having the LLC own the property until after the reno is complete. 

When you buy the property just do so in the name of the LLC and in most cases the bank is going to want a personal guarantee anyway to pierce the corporate veil effectively making it easier for them to target you personally in the case of an issue but your still protected from others from what I understand in the case of other liabilities...

We invest in Vero, Sebastian, and Fort Pierce.

A litigating attorney might be able to pierce the corporate veil if the entity is not within an LLC.How long do we have in the year to decide how much to pay ourselves(reasonable salary)You should look to paying yourself a salary throughout the year but atleast once during the year. paying yourself throughout the year does have increased administrative burdens(payroll returns, cut checks etc).Would there be any good reason to just form an S corporation or is it best to have an LLC taxed as an S corporation.LLC taxed as an S-corp might have less overall compliance burdens(meeting minutes, officers etc)Do we have to elect to be taxed as an S Corporation by a certain time of the year?

As there are ways to pierce the LLC if you are not careful. 

It could also be used as evidence to try to pierce the corporate veil. 

@Geoffrey Pierce Unless there is a huge upside and unless you have seen the property and know the area and your partner I would not enter into such an agreement.

Looking for other investors in the Pierce County area i can network with and can answer some questions that i may have. 

But you could and they pierce your LLC veil because you did not act in a prudent and businesslike manner by carrying appropriate insurance.