My idea is that I purchase this garage and rent it out through Neighbor, or Facebook marketplace.

I planted the idea of a rehab loan or heloc to help him with the repairs.

Plumber goes out and says its stuffed with wipes, tampons, plastic bottles, condoms, toys.... you get the idea.

Going forward, the best thing you can do would be to reach out to a lender who understands how to work with investors so that they accurately account for your rental and get an idea for your budget/price range.

I want to have an idea of how healthy this company is to see if I should invest $100k in their real estate fund.

Yep definitely not a good idea to have two in process for the same property. 

I want to exhaust all of my options so coming here for ideas?

However, the tax treatment may not change significantly in terms of reporting income and deductions.The idea of using the LLC as a management company is interesting but may not be necessary for the purposes of deducting expenses.

People come here for inspiration, help and new ideas.

I love the idea of a solid MF meetup in the area.