FSBO is very possible in hot markets.. if you already have buyers lined up.. in markets that are not hot your going to get deluged by investors looking to low ball..

In my book, I share an example of a DIY Landlord who lost over $20,000 in two years with just one of her five properties.

He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

In an LLC, individually, layers of LLC’s - a WY LLC owning a PA LLC etc.

Don't let them choose for you.Just inspect what you expect....Also I would talk to housing office in Memphis to get a feel of how many people are on the Section 8 waitlist, what kind of rents they pay, what zip codes are they targeting, see if they have any stats about how long tenants stay and average rent.While a lot of people try to look at google street view to get an idea of the neighborhood, there is no substitute for visiting in person.

An LLC with 2 +members does normally require a 1065 filing. 

Just get really good insurance is my recommendation.

Readers should seek professional advice.

I’ve got a TN LLC that I registered as a Series LLC (with series language in the Op Agreement).

If you are purchasing something that is extremely  high value, consult with an attorney and get the proper entity for your specific use.