If you are the LL, either an attorney can write one up pretty quickly if it's a complicated lease with special provisions, or your State Association of REALTORS should have a promulgated form you can use (I've had people pay me $150 to write on up for them in Texas where I'm licensed). 

Note: A more complicated way would be to also setup a business account under the LLC, and have my property manager distribute the funds to that business account.

It needs to be as simple and efficient as possible.Some of our Clients get caught up in having these super complicated (fancy) entity structures for maximum protection.

It’s a great situation, but rather complicated and hoping for some guidance. 

Some items can go either way depending on tax strategy to further complicate things.Thanks for laying this out, @Michael Plaks.

That’s all complicated by investment returns being active and the debt write-off being passive and how that effects your tax picture, etc.

If the free rent were considered a gift or was taxable that could be a complication.2.

It gets more complicated if you then need to borrow even more money to do the renovation.  

Also for some large investment group, for example, pension funds, they have to be in the market all the time, so they have to invest to something that's very large where asset is being secured by real estate.It's just you can find the following condition :In good market you can find 80% GP group to be good Then in next bad market condition, you find those 50% out of 80% good GP becoming bad, so only 30% of the group is performing.In the next good cycle, from those original 80%,50% may rise to be good again.Those guys (GP/and such) are similar to us when we buy/sell rental property, it's just that their problem is way way more complicated than SF buyer.

If you wanted to flip a house that was say on the other side of the state, are you placing celluar cameras on the property so that you can remotely monitor. What else are you doing to maintain security remotely during...