Bottom line, is that we never know about it until it's too late.So please don't give QuickBooks a bum wrap, because when you use it by itself, giving you Full Control of your own finances, it just doesn't get any better than that. 

I own for the long haul and want my properties to remain in good shape, so my lease has landscaping and pest control on me.  

Good luck in all your REI ventures.

Additionally I want to maintain more control over the real estate aspect of our program (aside from helping to generate revenue, this real estate 'initiative' will also serve as an educational tool) than what I may currently have over the non profit org.I'm looking for general ideals on entity setup (LLC, For profit corporation,  etc.).

The Fed can control short term rates, but the market controls mortgage backed securities and mortgage backed securities determine mortgage rates.  

You have more control with that and there is a good possibility to make more money.  

I have decided to venture out with a partner to find our first house to purchase and rehab.

You also provide a very tangible service, housing...a nice change from abstract jobs where the deliverables aren't as clear...Granted, you can't control some market forces and even real estate has gray areas (like you do to all right but still run into issues ) .

You, as non-member manager, would control the checkbook of the LLC.  

The rental market here is out of control.