I was always concerned about having reserves for the house I was buying, but completely disregarded reserves for life outside of RE.

An LLC can elect to be taxed as an S Corp, although the default tax status of a single-member LLC is a 'disregarded entity'. 

Some investors disregard these rules and buy and sell using market conditions.To be more specific as to your thread, Duplexes and even Triplexes don't generally genereate enough cash flow and I'd stay away from them.

Part of me is weighing whether or not I should just pass on this deal and just purchase 5 or 6 nice turnkey properties (sorry, I know that's a very newbie-ish comment to make.. and a total disregard for proper asset allocation).

Disregard my last comment.

(reasons to file multiple - property is located in a different state or you work in a state other than the one you live in)Is the LLC a disregarded entity or does it require the filing of a partnership return?

If the property is owned by a single-member LLC treated as a disregarded entity, and you own the entity 100% (and you are a nonresident alien for US tax purposes), then yes, you would report the activity on your individual income tax return (1040NR) which will use your ITIN.

disregard

I disagree because I and others around me as well have completely disregarded these sayings, rules or whatever you want to call it.It's obviously not achieved overnight but you can raise some serious capital in just one year... think outside the box.The beauty of real estate is exactly the FACT that YOU COULD RETIRE and build your dream life at a very, very, very young age.

If so then I would say his labor is additional to that...as would be the other members..You mentioned you were set up as an LLC not disregarded...so are payroll taxes being withheld from his checks or will he be issued a 1099 for his payments?...