What this means, is that you can charge them rent until you find a suitable tenant, plus your advertising fees, etc.  

Paying attention to active vs passive investor rules.Pay an attorney to draft up a FAIR LLC agreement for this...Read the agreement,,uderstand it 100%,,,,and follow it.Not all LLC agreements will be FAIR to both sides, and being taken advantage of by someone who would do that is something you should avoid.Which is why I say have your own.Have the LLC done, then find potential investors, then find a deal suitable to ONE investor and to you.

I think all of these areas are going to have a strong draw factor for visitors, businesses, and residents.As far as an immediate dip in prices, well Cape Coral is still 75% without power. 

In my state if the property is unlivable then you have to put them in a motel or other suitable quarters until the damage is repaired at your expense.

I never lied to seller from the beginning- seller knew I was going to sell the purchase contract to a suitable buyer.

When looking at areas to focus on to source deals, what are the qualities of suitable areas/neighborhoods? 

I’m not sure how much knowledge is suitable to keep my head above water.

There is collaboration between us daily and all final funding decisions will go through me.What kind of operating agreements are suitable for such an investing partnership such that we are both still maximally protected within our own states. 

My lease agreement states that visitors are not allowed to visit for more than a week and I don't not allow pets.

. - these people sound really hard to please. i'd give them the happiness clause. it sounds like this unit has not met your needs since day 1; i'd like to offer to end the lease early if you prefer to find something that might be more suitable for your family. let me know if you'd like to terminate the lease on (last day of whatever month). and regardless, start being a hardo about the late payments. and DEFINITELY do not plan to renew their lease. give them lots of notice letting them know that you're vacating the building to sell. it's hard to argue that one. i feel like you kinda shot yourself in the foot keeping them this long when you could've just not renewed them after the first year.