Rates are starting to drop fairly fast and for primary homes they are already down 1.25% from earlier this year. 

He simply wants to be 100% done.Given the above mentioned scenario, I am wondering what the best possible situation would be to make this happen, while possibly still maintaining the option to pull out equity for capital improvement projects with a bank. 

I am planning to buy and maintain my property myself...

And which manager managed vs member managed and what agreements needed between the entities and who provides and maintains.

Fairly straightforward, just ask the contractors what will make their job easier and keep them on schedule...removing old pipes, opening walls etc.If you haven't put the house under agreement yet I would bring a detailed and itemized list of repairs needed, maybe even with estimates, to the negotiation with the homeowner.

We are interested in purchasing single-family homes.We have driven through South Dallas (Fair Park area) and noticed a lot of gentrification happening.

While working, I shifted my focus and started doing BRRRR projects on the side while maintaining my 9-5 job.

I think there's a lot one can do on their own to maintain it, but it does require diligent effort.

This will also afford you the opportunity to go over to the property and see how things are maintained overall with your renters.

Look at houses maintained by homeowners with this mindset and you'll see how much can be done to repair what you already have and how decent repairs can last a long time and be perfectly suitable especially for a rental and often at a small fraction of the replacement price.