Again, I appreciate you weighing in and maybe I'll give it a go to form a direct opinion from some experience!

In essence, I am hoping to form a team with a property manager, lender, etc. 

To my sigh of relief, they let me know that the process is completed and the transfer is approved.Step 15: Deeding the LLC to our own business: Our attorneys were already scheduled to come to our house to help form a trust for our family, and they agreed to take care of the deeding process on our behalf.

You, your friend and his dad form a partnership with your friend's dad putting cash into the newly formed entity. 

The actual yields of 10% AROR are actually just the percentage I had our fund manager input into the Pro Forma we sent you.

Does it always make sense to form a LLC to hold property as a foreign investor?

Sounds like those numbers are rosey/pro-forma because low-end tenants for a C/D area are hard to manage so you need to up the vacancy reserves significantly to a minimum of 10%, preferably 20%. 

Mortgage is about 700ish~Monthly Income:$1,230.00Monthly Expenses:$1,088.62Monthly Cashflow:$141.38Pro Forma Cap Rate:5.33%NOI:$7,455.60Total Cash Needed:$25,000.00Cash on Cash ROI:6.79%Purchase Cap Rate:7.31%Total operating expenses:Mortgage expenses:Vacancy:$36.90Repairs:$73.80Management:$123.00P&I:$479.92Property Taxes:$375.00

He does all the work for my cash flow models and pro formas and puts together packages and lets me know if the rental makes sense based on market study of the area.  

There are LOTS of reasons to form a business entity, and I'm guessing that for most business owners, helping protect unethical behavior is not the reason they create their entity.Seriously, a little knowledge in this area might help you out a lot.