Good cash flow on the property and will continue to bring you income and appreciation.I'm not sure of the numbers when you purchased the property, but assuming you followed the customary practice of 3.5%-5% down, you have a property with some very solid appreciation. 

@Rob WallaceCredit unions typically do not lend to LLC’s I will focus on another topic - I strongly recommend your operating agreement have terms preset if things personally go bad and one has to buy the other out.

Facebook has a lot of lookers, but very few solid prospects. 

These are advantageous as they look mostly at the asset's for the loan not necessarily your personal statements as much as conventional loans. 

I can see why the landlord wants to use their person . . . they probably want to make sure its a quality repair. 

In terms of advice, it seems like you have a solid plan of what you're looking for so I'm not sure what else I can add other than I think it's a great idea.

You will need 20-25% down and a commercial loan for the rest.Most lenders will want to lend to an LLC with you personally guaranteeing the loan.Typically, each MFR would be purchased under its own LLC, for liability purposes.Each LLC would then also need its own bank accounts for collecting rents and paying expenses.

I've been doing construction and rehab on houses long enough that I have seen the bifold closet doors go from solid wood frame and stiles and hollow core luan-type plywood panels to cardboard frames and stiles and paper overlays.

Together, this structure will protect you personally from lawsuits, as well as keeping your investment properties isolated should legal problems come up down the road.

I have personally never heard of the county having any say .. other than I do get calls from (state of Colorado) Tax collector after I purchase something and they want to know why we paid less than market value.. but they contact after the fact..