An Attorney will help with creating an LLC.LLC is not required, may make getting financing more difficult.It may provide some asset protection.Most of the asset protection that you need will come from the insurance policy.Discuss with the insurance agent on situations that you are not protected.Have a discussion with an attorney if your extra concerns can be protected through an LLC.

:-) I have always just done American Craftsman (Home Depot) or ThermaStar (Lowe's) depending on which store is closing to my job, but truth be told I would think I could find something at a more contractor/landlord friendly price but haven't done well in locating someone yet.

I lend money privately and would never consider this as it is dependent on things out of my control (permits, neighbors, you being a good host, rental demand etc) I sell a ton of STR that are in actual resort communities and have great amenities and they are all  competing for the same guests, I can't imagine that there is a need/demand for this type of unit.

@Travis AndresIf you do not have other assets to secure against - your best bet would be a private lender willing to take risk of essentially providing an unsecured loan.There are people out there that do this - expect very high interest rates.

Budget returns and repair costs depend on several factors (all of which change over time). 

Depends on what you are looking for.  

The original lease was provided by the Real Estate company who listed our place for rent and secured my tenants. 

I do not sign the lease, either, until they provide all funds and sign.

If you are raising money you will need to register the exemption with the SEC, and it will depend on whether you are using accredited or non accredited investors. 

Depending on your current rent, I suspect you are likely to recoup your investment in saved rent pretty quickly which makes me think it’s going to end up as a great learning experience, even if the upside doesn’t pan out.Make sure you get clear divorce options for the partnership as living in a rundown trailer scrounging for money to fix it could end up rather stressful.