If your looking for the least amount of risk and biggest bang for your buck I would look for a company that is a reputable turnkey provider thats actually in Detroit and offers things such as an efficient boots on the ground team, all sorts of established local relationships, solid in-house management, an operation that is highly skilled and well versed in section 8, a company that has proven relationships with both out of state and local lenders.

I found it to be very useful because I was able to 1) get detailed knowledge about actual pricing and 2) control costs by establishing vendor accounts with Home Depot.However, once you have several successful flips under your belt and have built relationships with trusted contractors and are looking to do more volume, transitioning to contractor-sourced materials maximizes efficiency.

Most enticing is it is located on a very well established street with a wall score of 92 - lots of restaurants, bars, shops and a park nearby.

Eliminate debt, establish a budget, and save.

Like others have mentioned, it's beneficial to you and your business partner to ensure the LLC is established in a way that does in fact limit your liability. 

Sorry to hear about the trouble with MSI @Rys F. you may need to wait until you have an established business entity because I know they can't sell directly to the public.To hear about the resourcefulness with the doors is awesome!

I have a 2.625% interest rate and the home is in a desirable, established neighborhood in the city and just a few minute walk to the University of Pacific. 

I am wondering if anyone has any recommendations on well-established groups that host meet ups in north / central New Jersey. 

Honestly, I was planning (hoping) to establish a revocable trust with my children as beneficiaries; the assets within the trust being my personal home, with my LLC which will act as a holding entity for rentals.

It sounds like you're working really hard to make this work for them instead of measuring them against hard standards.I recommend you establish clear screening criteria.