Most find it more  difficult figuring out how to best allocate their time to allocate the knowledge to get started.Good places to start include copious amounts of reading, listening to podcasts, meeting people and building your network.

Otherwise he gets his defined allocation of profit/loss of the company.  

The allocation of profits/losses must be allocated that is described in the operating agreement.If the operating agreement mentions each member gets 33% - then each member will get an equal 33% of the income/losses.Partnership returns were due March 15 unless you filed an extension of time to file the return.While Texas does not have a state income tax - they do have a Texas LLC tax return requirement.Rental income/losses is not subject to FICA Tax so it does not matter if you are above the social security base.

@Daniel Reitz 1. set your asset allocation to achieve your financial goals with the minimum possible risk2. minimize your tax burden to the greatest extent possible3. diversify your portfolio across multiple asset classes consistent with your financial goals4. never stop learning

If so, your best bet is to sell this to a landlord vs. a flipper because rougher areas are a lot more difficult to flip in (and the flipper would likely be dealing with an FHA buyer on the back end because of the price point, which would mean more $ for repairs would need allocated due to the strictness of FHA appraisals)...

As far as I know, there is nowhere on any form, when performing a 1031 that you allocate personal property from within a building. 

I'm a foreigner investor  so the developer  suggest that i will open LLC  and will give a loan to his LLC  ( which will hold the asset) and i will get a mortgage note , and for the capital gain allocation i will have another clause in the operating agreement.What do think isn't it too risky , any better idea?

The total flow for the year will remain the same, but since the vacancy allocation is more of a way to make sure you have a buffer for when there is vacancy rather than an assumption that someone will move every month, it's a more realistic way to look at that expense.I would also consider your PM rate.

Capex budget has enough allocated to a roof being due in 10 years from now.

That being said, you'd need to allocate a much higher percentage of income for a $15k house than a $100k house to cover major repairs.