It's important to separate business and personal relationships, and sometimes I think this is what gets lost in translation when it comes to family or friends.

Not sure how this will translate but make sure that you figure this out prior to getting started. 

I'm not a lawyer so I don't understand how you can successfully defend that the LLC isn't an "alter-ego" of yourself to sustain the corporate veil of the LLC. 

And now I am able to schedule showings for those properties and start getting more hands on experience.Although this hasn't yet translated into deals, I feel more confident about recognizing when a property could be a potential invest, and actually have a game plan to implement when looking for deals in the future.

So if you have the stats (aka underwriting) confirming that the additional renovations will translate into additional rent, then it is worth continuing with the rehabs. 

How does this story translate to real estate?

Additionally, a large storm could alter the national insurance program for these homes (or even eliminate it) so that has to be factored in under "risk", also. 

What is their track record overall and does this translate to this project with this set of partners?  

VA had slightly altered guidelines compared to FHA. 

That just translates to taking out GREAT homeowners insurance rather than putting together an LLC.Once you've got 5-10 properties, at that point get an LLC and deed the properties into it.