But the point I was making is what you are discussing is simply investing with a partner with each of you doing different pieces to make it happen.

Two last pieces of advice:1) Hire the best PM's possible and make sure you have regular meetings with them.2) Make sure you have the best tenants possible - know your PM's tenant screening methods.

I'm sure if you break down "selling one house", "under contract on one", "starting renovation" to small pieces, none of the them are really that stressful.

You might want to agree to appoint a neutral to arbitrate any dispute.Also, if you think that you might want to own your piece through an individual LLC or trust someday, make sure that the language of your LLC agreement permits a transfer to a related entity whenever you want to do so.

There was a mouth piece located above the second floor door bell which one could talk into.

What is required is that there be a piece of paper - list provided by the QI, email to the Qi, contract (executed or not), cocktail napkin dated and signed, etc that identify the specific properties you are identifying as potentials.  

I’m looking for a piece of property management software that:= Integrates with Quickbooks and banks.

So ultimately, what matters the most to a creditor is that piece of collateral you are securing the loan with.

@Joe Dunbar the repair cost that I got was about 50-60k and they will rent for about 800 a piece

Consider the other homes in the neighborhood and what would fit in, then aim for at least one notch above that.