Good luck to you on whichever route you take!

Whichever LLC is going to hold title to the property needs to be formed in the state where the property is located (since that's the jurisdiction in which its legally doing business).

RE is all about numbers, which ever makes more sense.

The LTV is based on either the purchase price or the as-is value (whichever is lower).

@Adam Harvey if I were you I would phrase it as a loan at say 8-10 percent interest with a minimum of 2-3 months interest to be paid (prepayment penalty) or 25 percent of net profit, whichever is greater.

But usually they will fund a percentage of purchase price and rehab, but then be capped at an ARV percentage.Example 80% of purchase and rehab or 75% of ARV whichever is lower. 

Give them a NON-REFUNDABLE $10-$20k EMD and an additional $3,000/mo or $1,000/mo more than their payment, whichever is more.

And do you track business expenses the same way, via whichever software you chose to use?

Whichever interest rate is better will determine conventional or FHA. 

I was thinking to rent directly to the company (have the company sign the lease) so they could have which ever employee they wanted at the time to live their without having to screen a new tenant every time they transition.