Arizona LLC's are cheap to setup ($50 state fee) and they don't have Annual Reports (like most other states).

I am looking to get a partner on the place for just the down payment of the property, split the profits 50/50 and I will manage the place myself and eventually I will actually move into one of the places.

This isn't HGTV and I am not some Guru, I am a 40 year old dad with two kids that is tired of working 50 hours a week so someone else can get rich.

Also, I don't know of the specific "rules" about loans that one bank has vs. another because they always seem to vary so much and change so frequently.

You are only receiving 50% (Duplex) or 66% (Triplex) of the potential income while you are living there.  

The eviction process will be laid out in the local rules. 

Property management 10% = 240x12 = 2880MAO=(ARVx80% to be conservative) 168k -expenses 26663 =141337The rule of thumb for the 50% rule states that half of my rental income would go to expenses and the other half would be gross income minus rent.

After another interesting process with a construction mortgage and then rolling it over into a traditional mortgage, I now have a passive solar, LEED gold compliant house that I meant to live in for the next 50 years...

Recently a number of guests have just stayed late, up to an hour, so I implemented a change to my house rules to charge them for every 15 minutes they stay past their check out time. 

Then I take out a commercial loan for ((market_value+1)-$300k)=$50-75k-ish,  buy it for market_value but only pay her the difference, somewhere in the closing docs have my mom "forgive" or "re-assign" the $300k loan, and between her and I we would have a separate agreement and I'm not sure of the terms.