Essential systems (plumbing, electrical, mechanicals, etc.) are expensive.

As I have researched the different methods/approaches, I have come across 3, but I would like this group's advice and watchouts of the different approaches.Some background information:-Note is Performing 1st; very low LTV and ITV; 8 months pay history; on Auto Pay; 64 payments remaining-The buyers of the partial are good friends of mine, so I want this to be a good safe transaction for them. 

It sounds like you listened to some bad advise on long distance landlording by gurus and guys on here that tell you can do it all with an algorithm .your trying to auto pilot real estate in bad areas from the west coast which rarely works out .

It's seamless in the sense that tenants can auto schedule it, and you can even charge late fees from cozy.

Just as another topic somewhat related, pulling electrical, plumbing, mechanical permitting, does this require a licensed person for each sub contract or can the GC pull any permit required to build?

So, you have different systems and they should be divided in something like this: roofs, exterior, interior, structural, mechanical, plumbing, electrical, to name some). 

@Erez FriedlanderThere are some unique tax aspects when it comes to real estate, partnerships and foreign investors(assuming you are non-resident Aliens for US tax purposes).There are FIRPTA concerns when and if the property is sold.There are withholding concerns if the partnership operates at positive income on an annual basis.However, the general mechanics are the same when it comes to partnership tax return deadlines.

I’d focus more on which PM company you feel you can trust over the mechanics of how the money moves around.

You can probably find it by googling up your state statutes on mechanic lien laws. 

Or do folks take a distribution from the LLC containing the real estate / debt mix so that the loan amount isn't as explicit (i.e. have an LLC holding the real estate and loan with a personal gtee... the cashflow would be distributed to me through the LLC but lenders don't see the mechanics?)