Most folks use an LLC for liability protection by having the LLC own the property and perform the management. 

It does NOT replace due diligence, but the investor knows EXACTLY what they're getting...property condition, contractual obligations, property class, current performance, etc.2. 

My wife and I recently purchased our first property, a duplex we are house-hacking.  I want to compile a file of information, either digital or physical, that could potentially be used as a piece of documentation show...

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Account Closed If I had $500k, I'd put it all in a non performing note fund because I understand the business and believe that there will be opportunities there.The business performed well before the pandemic and looks positioned to do even better if the economy gets worse.If I were someone else, I'd put some of the $500k to work in a non performing note fund.

It sounds like the "Realtor"  has a management company that performs a few different services including simply searching for tenants, drafting a lease, and then handing it back over to the owner to manage. 

I now have the opportunity to live in South Lake Tahoe in my grandparents home for free (incredibly fortunate to have the place to myself as it is a second home) and am wondering if I should seek out a brokerage here to perform as an agent as I build my wealth to eventually invest.

You start small, eat at your level of sophistication, perform, give investors great returns, and rinse/repeat as you work your way up the ladder. 

Sure, you can always sue for specific performance but, again, there's not that much at stake.

Additionally, the $9,000 is more than I paid the general contractor for what labor they performed, so I'm not sure where that leaves me.