I recommend you check with AZ about out of state LLC ownership, cost / fees, etc.

You must disclose that you are an agent and that you have ownership interest in the property.

I know you say building is newly rehabbed but over time of ownership costs will get higher so the average tends to be 50%.The other key is loyalty of the tenants and turnover.

That's an equity investment and would entitle the investors to returns based on their fraction of the ownership. 

When I took ownership in the property grossed monthly $450/unit or $900.00 and was 'professionally' managed by a company up there.  

My proudest moment so far has nothing to do with the amount of money i made on a deal. I renovated a property on a pretty tough block in Newark for a tidy little profit. We sold it to a nice couple, immigrants from Ni...

No ownership change is occurring.

You mentioned the inability to refi any equity (if there is any) out, but if you did it right, you already did that much earlier in ownership.2 - Supply and demand comes into play here, but a downturn helps the cash flow REI since it can raise rents in some areas and because it increases the number of renters.  

If you want to "guarantee" that you acquire the property you can always participate in the auction and become the highest bidder so you can maintain ownership.

A co-borrower co-owns the home, whereas a co-signer simply acts as a guarantor without ownership rights.