(might be besides the point)The distribution from the first S-Corporation would be a deemed sale for tax purposes.

Once the property is renovated and sells, do the proceeds come back into the new LLC and then are distributed from there to each couple's existing LLC?

Check out the Syndication and Multi Family forums for stories of paused distributions, people losing 93% of their principal invested in deals gone sour.

Dave Ramsey (who got rich teaching others how to get rich) interviewing millionaires and deriving a conclusion from that I think is a logical fallacy.

Quote from @Marty Neville: Just reviewed my transaction history from my bank which confirmed my property manager has not distributed rent for 12 months, I have requested a full disbursement.

I wouldn't want a tv in my mathroom to distract me from pushing out all those derivatives but to each their own.

The time I release money its stop earning interest from the previous source until the first distribution of course.  

Including 50% penalty, forced distribution, and if those are pretax funds you'll also add the remainder to your earned income from the year and be taxed additionally at whatever tax bracket that puts you in.

Based on Noi/Piti derived from the 30 year amortization?

How this usually works in practice is that one partner owns the bookkeeping process and distributes monthly financial and rehab reports to the other partner so that they're both in the loop without the other partner having to log into QBO.