The individual rentals should be disregarded; however, the Management, you would probably want to be an S-corporation or something that flows through to your personal return if it is showing a possible loss or reimbursing you mileage.

... or, your Las Vegas friend could form a Nevada LLC, put the condo into it - with its financing intact, and sell his interest in the LLC to you.No closing costs when the LLC (and thus the property) is sold, no change to the mortgage deal, member(s) of the LLC are shielded from this property's landlord liability - which may be particularly important once this is a rental, and the profits/loss are passed through to the LLC member(s) as this entity is disregarded for tax purposes.  

All my single member LLCs are disregarded and the only reporting is through my holding LLC (partnership) It does not matter how many sub LLCs exists.

I understand that me and my wife can both be on our Texas LLC, and we can still file as a Single Member LLC so that we have a disregarded entity from a tax perspective, but we still have the liability protection.

Do you see my naïve arrogance, my uniformed assumptions, my disregard to your professional career implying that I can do this because I have the net worth.

The fact that there is a recorded mortgage which is in your name on a property owned by a separate entity could be evidence that there is co-mingling and a disregard, on your part, of the corporate form. 

A 10k gross, even if we disregard maintenance and compute 0% vacancy, still doesn't seem to give us the numbers to make the investment worthwhile.

People were willing to pay anything and disregard common sense, such are what they could really afford, or that rapidly rising prices could not go on for ever.

If you do,  disregard the rest of this post.  

I read this: "One last ownership issue I should mention: certain entities that are owned by a single person are disregarded—they don’t file a tax return and the income and expenses from the property are reported in the tax return of that sole owner.