To a less sophisticated investor as an investment?

I just don't think we're that sophisticated yet, and more importantly, the asset protection for those two properties is covered by liability insurance.

For more sophisticated transactions (with a large budget), Cary Zabell of Zabell LPA is a great choice.  

If you're talking about significant money, with sophisticated tenants, you should run the matter past your attorney and CPA. 

As folks are used to listing with agents and selling.. especially MF ... the MF are usually owned by a little more sophisticated folks.. and are not going to be like the lambs that get suckered into tying up their homes with little to NO EM and with a buyer who actually can't close.The other thing is if your bound and determined to do this.. then set up transactional funding so you can close.. find a super short term lender and partner with them... bring the deals in Close them then resell.. there is a LOT of ways to make money WITH a real estate license.. the broker without a license is starting to get some pretty good scrutiny in many states.. and its really not a long term vocation for most and lastly  its very very hard.. and VERY few succeed at it.. all though many throw their limited capital at direct mail or what have you only to come up with no results..I saw one post were a guy on BP spend 75k on direct mail.. got his money back and only made like 40 or 50k for the year... you spend 75k marketing your self as an agent you will knock down 250 to 500k in your sleep.

The more sophisticated contractors will book a mix of both.

Those powers that be are the ones writing the checks to the permit department payroll. 

In part is depends on how sophisticated they are.

Ownership of the LLC would be 50/50, all profits after expenses, (PITI, CapEx, Repairs, property management, payroll etc).

Your mistake was that commercial owners are a bit more sophisticated than residential owners.