Also with this garden and not having direct access to that part of the property it will be difficult to do any upgrades such as painting that side of the structure. 

The only thing I might recommend is that if you are planning on doing flips, why not use the BRRRR method?  

I’ve also done the “do it yourself” method out of state, so I can compare the two different routes.

We’d both purchase through our LLC 50% each.Thinking use a joint account between us to collect rents and hold funds for repairs and cap ex funds etcAny thoughts on how to structure?

I am assuming your end goal is to sell the house and get the higher end value.I would recommend that you talk to a title company about structuring an owner finance deal (I go to Tucker Hodgson at Backman title on main st in Bountiful).

There is actually quite a few differences between the loans with their structure and fees but for rental income here's what you need to know:FHA loans will require there to be 25% equity in the property you are leaving in order for them to use rental income. 

Structural repairs will have to be made in the attic and crawl space.

Structural repairs will have to be made in the attic and crawl space.

Our rentals include older homes with hand-done plaster textures that are hard to replicate when patching.We are in our first round of renters so time will tell if this is a good method or not.  

You'll need to structure this as a commercial loan so 25 is max and 20 more likely.