Had I not known, common sense would have told me that 11% a month is impossible and makes no sense.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.

Anyone have great experiences with highly efficient, extremely effective PMs in the area?

Quote from @Tricia O'Brien: This is a common problem.

I found one had been sold, and I was extremely surprised to find that there were none for sale at all. 

Yes, I've closed on 4, rehabbed them, and they are all rented with tenants in place :)OK, and for these deals, I assume you use your own funds to acquire and rehab.With private money, you're now substituting some individual's funds for your own.However, unlike when it was just your money, you'll need to proceed with extreme caution to make certain your lenders are well protected if/when things don't go as planned.Private lending is its own whole profession.

That being said, we have owned a fourplex in a small town in Michigan for about 10 years but had no guidance when we purchased, I have found all the information Bigger Pockets offers extremely helpful and I am grateful in advance to any advice on this thread. 

Could/Should the 2 LLC's be tenants in common for the new property purchase?

Conversion rate is extremely low when you get started BUT it will give you good practice speaking with sellers who have a ton of objections.

I've never done a partnership, but these are common issues that I don't often see addressed in contracts found online.