In your opinion, what is the most effective way to establish an LLC? 

Also, check to see if your jurisdiction is practicing "Just Cause Eviction", which went into effect statewide earlier this year for municipalities that which to opt in. 

This will effect your ability to obtain financing for quite a few years but may be worth considering.  

Yep for one especially in the early stages a hard credit pull would not be useful, just have them do soft checks for the time being and opt out of credit solicitation: www.optoutprescreen.com I could be biased... that said typically working with one lender than can help regardless of where you're looking and having a relationship with that will provide the easiest and most cost effective route long term. 

I am a strong advocate for their effectiveness allowing you to do substantially more with your money. 

Plus for its high cash flow potential, utilizing a 1031 exchange to reinvest gains effectively made this experiment a relatively low risk for me.

@Otis Clayton To partner in real estate effectively, establish a clear structure like an LLC for liability protection or a Joint Venture for single projects.

Georgia, a state not mentioned, offers a 20% penalty so if the encumbered deed is redeemed after 1st month your effective rate of return is 240%!

I've seen a lot of this lately where GPs are offering outside investors pref equity to effectively "save" the project from foreclosure.

Simplifying to a single operational entity (Series LLC) for rentals and management can effectively meet your goals while minimizing costs.