We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

If you haven't checked the market for homes with "inlaw suites" or whatever your market equivalent is that can be a way to get it done as well. 

While you should always consult a CPA and/or attorney for their professional advice, here's my 3 cents (I'm sure others will chime in as well):1) Having an LLC may make it "easier" to track but it's not needed in this situation as you can run this through your personal return just as well.

Exposed wire are a safety hazard and if they where missed by inspection  you may be able to complain as well.

My partner and I have a flip that we will be starting in mid march as well!

I have run numbers for LTRs on a set of duplexes that seem to cash flow well.

The #1 reason people are poor, is lack of skills, knowledge, wisdom. 

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

You didn't write how much 'sweat equity' you put into this place, but it was likely well worth it given the $400K cash out.  

Hi Ella, welcome aboard,Your post about your real estate ambitions, encompassing the purchase, renovation, and sale of properties, as well as the ownership of Airbnb rentals, is indeed an exciting endeavor.