I gave the house a harmonious name, & so far it has cash flowed from day 1. 

DSCR Cashout is your best bet!

The fideicomiso or bank trust, whereby the title is in the name of the bank but they don't lease the property to you; you're the owner for all intents and purposes.

My name is James, and I specialize in the care home and assisted living space.

In Philadelphia area there are several REIAs including Diversified Investors Group (DIG), Delco Property Investors (DPI), and South Jersey REIA (SJREIAA) just to name a few.

Best bet would be a “partnership” with a monied individual looking for a high risk/high return passive investment with you providing the “active” part.  

I want to know is it more cost effective or easier to purchase the property alone and put it in a mortgage in our name or purchase the LLC from him that holds the property within it.

In theory, you could QT the property to an LLC in your name and enter into a lease with you personally.

My guess is after they bought the parcels they only had one of them assessed in their name, but I'm new to this and am not sure.I haven't spoken with the developer yet.

Some have done owner financing with an agreement to pay all interest and equity splits when the home sells others have done it where they do a quitclaim adding their name onto title with the seller so once rehab is done the seller can't try and cut you out of the deal.