Incorrect LLC setups can lead to a host of problems.

I'd recommend markets where you can find cash flowing properties, population & economic growth that will lead to long term appreciation. 

For example, propose a smaller initial down payment and larger monthly payments, which could free up some capital for the rehab budget.Partner-Investor:While not your preference, finding a partner-investor could be a viable option.

Covering a tenant's utilities often leads to utility abuse.

Although if you paid cash, youre always free to forgo insurance and assume the risks yourself.

Will your partner be upset because you are getting the better end of the deal living rent free(assuming you aren't paying rent).What if only your name is on the mortgage and deed, then the tax documents will all fall on you and your tax return and not his which makes it more complicated trying to shift income to him.If there are two people on the mortgage, it will impact both your DTI ratio's equally in full hurting both of your abilities to get credit in the future until the property is sold.Why can't you do the live in flip on your own?

I could not find any threads, but feel free to post any that exist.

Feel free to reach out if you need any help.Best of luck!

Sometimes thinking outside the box and leveraging different financing products can lead to amazing opportunities!

An LLC is not free.