They also have an LLC that will be carrying 1/2 of the initial loanPartner 2- They have all of the real estate investment, team management, and project management knowledge and experience.

That is the first thing you should do and then ask them and the property manager for the insurance and to get them involved.

I would suggest an AirDNA report and any other documentation you can get from property managers, other hosts, etc. that support the higher income figure. 

Out of state investor looking for an SFH property manager in Greensboro NC.  

Go to meetups in your area to meet other investors who invest in Section 8 rentals to see if that's the type of property and management style you want.

Often, you have to use the buildings management program and I have seen them charge 50% of the revenue. 

Would the best practice be to form a new LLC where all four of us are managing members?

If it is a good deal then the right person will be willing to look at some private money options or even look to structure a partnership where they bring in the capital and lend-ability and you manage the deal for them.

I'm new to the space and are trying my hand in self management.

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