Ignore the marketing BS where they pretend to be "private money," that's the same as the guy at the car dealership pretending to be your friend.TLDR: A private lender is someone you already know and will generally beat a HML, who in turn is someone you don't know that is out to maximize profit and minimize risk.

To me it seems minimal.

It's not easy to do it right so that you minimize risk due to the amount of time you need to spend researching.

Going all in is fine, but minimizing risk and making sure you know your numbers is important. 

Back to the original question - I think one LLC would be sufficient in this case, it allows you to have the appropriate protection and minimizes the operating costs of the LLC.

That way the local partner can manage the property and therefore minimize expenses/maximize profits with the hands-on attention real estate rentals require.

Find out what they require of their new agents and how much it costs to obtain and maintain this license and assess whether or not these costs justify whatever you have intended in your full or part-time real estate career.The process isn't cheap by any means, but you can minimize costs depending on where you decide to hang the license. 

Lesson learned; take my time to do things right the first time, double/triple check everything, and keep my spirit high.Challenges: learning to repairs things with minimal knowledge and help.

He has dedicated is life to minimizing taxes and has a lot to say on how to or not to use SDIRA.Once we became proficient at real estate investing, we used every opportunity to take money out of our 401k because we could make so much more in real estate. 

@Chace FraserThanks for your reply Chace, but I am looking to sit down face to face with the person I work with.The year living in the property is easy, since I would house Hack in a very minimal way.Not looking to use this as my only method of acquiring Real Estate, but using it every 18 months or so, is not a bad ploy.Thanks again,Dan