The important part about cash flow is that you stay solvent; bring in enough to pay your bills and a little extra for a rainy day.

Right now I'm just looking at properties all over the place learning how to analyze a property etc but as somebody that is looking to make their first investment, i want to avoid if possible the extra outlays that can potentially come with an older house. 

It makes the dialogue more between the two members rather than with the whole membership (unless you take extra steps to click on every triangle).

You might find that they could charge enough extra rent to pay for themselves.

How much is that extra 5k worth when it takes 3, 6 months to get it rented and then you are over budget.

(Just don't tell your lender that you are going to do that) The umbrella policy is an extra layer.

Quote from @Hector Espinosaor Espinosa: Quote from @Jared Smith: I would tell myself to figure out how to buy it if it is close to making sense and don't squabble over an extra couple thousand dollars that you are only paying 20-30% of at close anyways.

How certain of the appreciation are you would also play into that question.Run some scenarios on what you could do with the extra cash vs what you stand to gain from the appreciation play and decide based on that and your goals.

It seems like it basically up to you to do the math on how much more you will potentially make selling each unit individually and then deciding if that extra $$$ is worth the number of extra hours you will spend.

Without complete financials up to that point, extra work (and headache) will be required to get everything straight after years of failure to keep complete financials.There also might be an asset protection wrinkle by not maintaining complete books for an LLC, but I won't comment on that as I'm not an attorney.