Apologize for the winded question, but haven’t been able to find a straight answer anywhere.

@James ScottI'm not an attorney, just a tax CPA, so I would recommend you talk to one before forming an entity.Based on my limited understanding of the legal side of things...and again this varies by state....I don't see how you can call your partner an LP with a straight face if he's out there rehabbing the real estate and making day-to-day decisions for the business in his capacity as a partner. 

I bought a multi family in Elizabeth NJ straight cash for $190k thinking I would quickly wholesale or flip it but kept it.

I have enough for about $700 to spend on marketing each month for 12 months straight, including my "personal expenses" and business start up costs (minimal). 

When you buy the house, with straight up seller financing......you get title, the seller gets a mortgage from you on that property.  

I tried taping and caulking a straight line on to make the grout line thinner, but it didn't work to great.

Another 8 3.5 gallon buckets of joint compound (Lots of water), and we straight sprayed the whole house, knocking down the walls only, leaving ceiling intact. 

Humans are confirmation bias machines.For example, did you know that for 5 straight years, 2014-2018, Chicago was the number 1 city in the country for corporate relocations?

They cleaned for 2-3 days straight while the others bailed.Did I feel bad? 

Perhaps some unsolicited answers since I'm not the Carl's or Julie McCoy..ButI'll just get straight down to business answering questions.I think you are too late to the party if your intention is banking on appreciation or good cash flow/return while using a management company.