I realize this is an older post, but I just wanted to drop a note and mention that my family and I own and operate a property management company that primarily serves Palm Beach County.

I operate across the mid-south/mid-west.

The 50% is rather deep a cut, especially with all the additional operational expenses not included into that 50%.

In that case you will need to analyze the comps, and keep in mind operating two units on one property can bring other costs and operational issues.2.

If you are accredited, the best thing to do would be to invest 50k into a syndication and soak up all the knowledge of how it works from an experienced operator before you make the decision whether it's your plan.

You'll also want to make sure you look into a good property manager since they'll be your biggest help to stabilize and manage the day to day operations of owning property. 

You also need the operating cash to do rehab.I say this because you mention FHA and low money.

Why not take his name off the LLC and put it in your name now while the LLC has $0 of value (or whatever nominal amount your articles of organization or operating agreement say that you contributed)?

The properties we operate are all in Indiana. 

Currently, I am self managing all the operations.