You by far have simplified the million dollar question regarding the 'super' powers of the LLC that most beginnings want to know and even some 'timers such as myself.

Reason I mention this is because I had a business management instructor that was a part timer who managed a gas company, he was very weak in accounting aspects, but hey, an "A" is an "A" LOL. :)   

Dust, smells, noise, contractors in and out at all hours...you get the idea.If you're married, this is a decision you should talk over with your wife - and you should give her absolute veto power over it, with a guarantee of no hard feelings if she says no.A solid marriage is worth FAR more than any real estate deal.

With that said maybe think about only having one of your names on it and move it into the LLC after so that it doesn't tie up possibly options down the road for more purchasing power for each of you.

Knowledge is power.

and "Believe in the power of positive thinking!"

The posts I've seen about getting a hotel seem to be when there is a water or power issue.

Lastly, once the property is put under contract, the “power” goes the the Buyer.

I'll be reaching out to you soon...after reading the book recommended by Llewelyn A.  I

We are in a sellers market, so unfortunately they hold more power.