Generally that means a separate bank account (no co-mingling of funds) and you are following the operating agreement, which could mean a meeting with annual minutes or showing that a vote was documented on decisions that require a vote as @Justin Polston noted.IMO LLCs are completely over-sold for single family.  

Investment Info:Single-family residence fix & flip investment.

Investment Info:Single-family residence fix & flip investment.

Yes, you should be honest about how many people may reside in the property.You are buying insurance for the entire property, not just your unit.

Investment Info:Single-family residence fix & flip investment.

As much as I love this strategy, I'd be re-deploying all of the proceeds in to long term buy and hold investments and start building a tax free nest egg for my family for generations to come. 

@Robert Jones   I am assuming this is a for a primary residence correct? 

Quote from @Cooper Meurer: Lately, I have been mulling the idea of selling my primary residence and renting for 1-2 years before we leave the Midland area and move to the Texas Hill Country (surrounding Austin area)Reasoning for this:- I currently have around 120k in equity in my residence and I have a 4.75% interest rate. 

Investment Info:Single-family residence buy & hold investment.

A very good opportunity and it just makes sense to build a new home on this lot since our family continues to grow.