@Michael Halow   ListSource is a great product but we found it does not offer all the intricacies we use to create detailed property/ownership lists.

My background is investment banking & private equity while my partner is a corporate attorney (while our backgrounds are very relevant, unfortunately neither of us are well versed in the intricacies of real estate structuring).  

We had them communicate throughout the process and now they're on the same page and in communication if anything arises later on down the line.We use our lawyer for corporate docs and other intricacies but the broad setup stuff was done by our CPA.

I'm not a lawyer and am fuzzy on many of the legal intricacies so dont take my advice here as gospel.  

Most of them don't speak Spanish, don't know the intricacies of the law and don't or didn't have any particular connections and most of them are doing very well.

A great PM will provide a service that allows an owner to not be involved daily with the intricacies of their properties, but simply enjoy the returns while using their time on more profitable pursuits.  

We want to go in 50/50 on an out-of-state property that is TBD for our first investment (probably not our last together), but haven't been able to find quality information on all the intricacies for every different option.

The LLC can own multiple assets, it is not limited to just one, however depending on the investment type it might make sense to separate them, this is something that should be discussed with the asset protection attorney.Dan, above are just some basics and I strongly suggest that your partner get with the professional who setup his self-directed retirement account to discuss all of the intricacies of this potential partnership. 

I am fascinated with learning as much as I can about the intricacies of real estate investing. 

But I don't stop there, ideally I'd look to partner with someone that lives there, someone who knows more about the intricacies of that market than I ever could.