I did get an opinion today from one source that I respect and has experience in rehabs (yes only one so far). 

No aging absentee landlord answering to the name of Jimmy having the tranquility of his nap in the Greek islands disturbed to authorize paying the property manager, the plumber, and the county inspector their respective pounds of flesh for the repair.I do it for lousy tenants and for good tenants.

First of all great work and much respect trying to improve yourself.

Diplomatic respect for others needs and wants will translate into opportunity. 

My question is, do we have to file paperwork to register the partnership, or can we just document on a partnership agreement and file our respective share on our taxes?

Treat people with respect and that is what you will get back.

Fine, but when I read the binder, it has the standard line that members are covered "but only with respect to the conduct of your business" ("your" meaning the LLC's business). 

With respect to money invested, what is the proper risk associated with the investment. 

2) Whether or not advertising on my own website constitutes a general solicitation to the public for a securities offering.3) Whether or not I need to be registered as a broker-dealer for providing investment advice with respect to recommending the purchase or sale of securities.I absolutely plan to consult my attorney on these questions but I’m also looking for some experience based answers and a place to look some of these things up in black and white in order to have a more productive and informed discussion with my attorney.Thank you everyone!

I think most tenants just want a nice place to live and to be treated with respect.