@Tein Hlwa There is a distinction…-If you want to refi for just the amount of your hard money loan (Rate and Term refi) you can do it at any time. 

., (1964) 42 TC 1067.The Supreme Court has explained that the distinction between co-owners of property and partners depends on whether they intend to and, in fact, join together for the present conduct of an undertaking or enterprise-The following factors are often cited as evidence of this intent:The agreement of the parties and their conduct in executing its terms;The contributions, if any, that each party makes to the venture;Control over income and capital and the right of each party to make withdrawals;Whether the parties are co-proprietors who share in net profits and have an obligation to share losses;Whether business was conducted in the joint names of the parties;Whether the parties held themselves out as joint venturers; andWhether separate books of account were maintained for the venture.The court held that the co-ownership arrangement constituted a partnership for federal tax purposes.

Most PM contracts have a get out of jail mostly free card but this borders on gross negligence (an important distinction from simple negligence) if you could unearth that from a simple google search and you may have a case to collect. 

They are two distinct transactions that may go to a different secondary lender, so they'll need two complete packages.

There's a remarkable distinction between buying a property and purchasing someone's LLC.

I originally thought you might covert it into a true duplex with two distinct units, was that not feasible for the house?

That would differ a bit from the wholesaling strategy I think you were mentioning, given that I don't have the funds to put properties under contract right now, but I'd be interested in hearing your thoughts on the distinctions between those two strategies.

I'm guessing that's still less than the maintenance costs of filing and maintaining 2 distinct LLCs, (75$ each) though we'll also pay someone to file those 1065s forms (at least in year 1 and 2 to be sure we're doing it right) which we wouldn't have to do if we had two LLCs. 

I think there is an important distinction between marketing and showings on a property.

Here's a possible legal distinction.