If so...would said broker/realtor need to be partner in the LLC or would a 1099 arrangement be sufficient? 

You should also get it in writing that you will be able to immediately start showing the place to new tenants and they should make arrangements to help you out.But depending on who's name the lease is under, you can, technically collect the rent from that party.

The 20% has to be paid via the EFT system and  paid by the 15th of the month following the date of the Solo 401k distribution.Paying the mandatory 20% federal tax amount on Solo 401k distribution:Must be paid by the 15th of the month following the date of the Solo 401k distributionMust pay tax electronicallyElectronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS).If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf.EFTPS is a free service provided by the Department of Treasury.  

No use going with a terrible loan arrangement just because you are desperate with little seed capital, you will only find yourself in a rut in the long haul.

@Stefano Grottoli- I am a beginner too, If you are interested in the meetup I am trying to arrange, you can message me here...Good luck to all of us!

So I'd imagine that everything will take more time, be more stressful, while you're trying to do the seat arrangements for the reception and worrying about who is going to be Auntie Marge up at the airport.  

You should arrange for terms for the money first, then deposit the funds into your account so that they can be seasoning for at least 2 bank statements prior to getting pre-qualified for your loan.In terms of the investor making money, if it is structured like a loan, then you would pay him back like you do your mortgage payment.

Based on this being the start of the "business" and we are still working out the LLC arrangement etc, I will likely purchase in my name and then move these into the partnership. 

The rooms were on the smaller side, so during the home inspection I wanted to have photos taken of the rooms while they still had furniture in them so that future tenants that I would advertise to could see how the rooms might be arranged. 

Is this a condo (you jointly own common areas, like roofs, with the other owners) or fee-simple (you own all the property on the lot) arrangement?