Those are not the most important parts of the operating agreement.

But my question is that if we consider other operating costs like maintenance, capital expenditure, vacancy, etc then this property won't cash flow, so is this a good deal?

Which is also one of the 3 fundamental needs of a business most often (customers, product/service, place of operation). 

Although he is a banker, he thinks having the ability to operate as a broker and place loans with 30+ other lenders, in addition to his bank, is the "best setup."

One land speculation I bought 4 acres in sonoma County CA ( wine country) in 96 for 27k it was unbuildable at the time ( could not get a septic system on it) Well city grew to us The Graton Casino comes in right across the street and we sold a few years ago for over 2 mil to a land assemblage investment company.

It's an A-framed garage with shingles roof, gutters, windows, and a 32" exterior door (in addition to a 16' operating face door). 

And some expensive ones for larger operations.

If you operate under an LLC or other business structure, are there tax implications or requirements I should be aware of when paying myself?

You can check the NMLS for licensing (some servicers will operate without being properly licensed in that state).  

Investor focused realtors & Property managers are going to be your biggest asset since they'll be finding your deals & managing the day to day operations for you.