What I will do is give you an illustrative story, and maybe you can bring your knowledge up a little.Big Apartments LLC - a manager managed LLC with two members.Member #1 is You (Patrick), the Manager (and also a Member), you have put $500 into the LLC and own 50 Membership Units (a 50% owner).Member #2 is your brother in-law (lets call him Richard Smith) he is not the manager (although he could be a co-manager but is not because that's the way you two want it).Richard has also put $500 into the LLC and own 50 Membership Units (a 50% owner).You two guys are 50/50 owners of Big Apartments LLC, evidenced by your Membership Certificates (which look a little like old fashioned stock certificates but are not stock shares).The company has $1,000 in the kitty and since Richard won at Poker last night he's flush with cash, $1,000.You and Richard agree that he can lend the LLC $1,000 (that's in addition to his already put in $500).Since this is only a loan it does not effect his ownership percentage of the company.

I’m afraid if I subdivide the lot while doing the rehab and it now becomes non conforming I may not be able to get a CO/ sell it….until I get the variances approved (zoning). 

As a beginner, you can learn a lot from your uncle with a few rentals in another state or a co-worker that's on their second house hack.

But this post looks like the perfect place to ask my question:I always understood a "sponsor" to be the one who lends his credibility/credentials (accredited) in order to secure financing - usually the downpayment - for the syndication deal, much like the role of a co-signer on a conventional loan.

With a co-op, you don't own the actual unit but only a share in the corporation. 

Grayson, A CO is a certificate of occupancy.

I currently rent it for $1375 to a co-worker and his wife.

You may be able to get a first time home buyer loan with a co-signer.

The LLC can be the borrower on the loan with the asset (real estate) as collateral but you will almost certainly need to personally guarantee the debt (similar to being a co-signer).

My question is a co-host the same as a property manager?