For the first part of an LLC you will probably have to guarantee loans made to the LLC personally until it gets some history. 

I would much rather this tenant-buyer succeed at this purchase than fail and have the hassle of an awkward eviction next year, and am considering sending a monthly email on the 1st of each month reminding them that the clock is ticking, and giving them contact info to my loan broker for their benefit.Any thoughts or advice?  

In a perfect world: (in no particular order): Square/rectangular shape, 1-story, open floor plan, lower pitched roof fully trussed, slab on grade monolithic foundation, 24 o.c framing everywhere, T1-11 plyw. siding, minimal windows, minimal doors, minimal trim, minimum code electrical/HVAC/plumbing, carpet everywhere, avoid tile, laminate countertops, Home Depot cabinets, basic fixtures and appliances, no fencing, no trees or old stumps, minimize landscaping, minimize driveways and walkways, forget pavers, cleared flat lot, no fill, utility hookups available in front of house and best case they are aleady tapped, inspectors are easy to work with and pass everything the 1st time, subs show up when they need to and actually care.

I only own a few properties and I'm expanding slowly and carefully.

No one cares if you become an RE investor or not.

You could ask your accountant if taking that hit in taxes would help take care of some potential capital gains taxes.

Guess I'd just have to be careful the county doesn't find out what I'm doing ;) Guess we'll see what happens. 

We started with a total of $50,000 from 3 partners and a promise of an additional $30,000 from one of the partners.

After filling it with my purchased items a couple times it was pretty much a normal rehab.If it's a listing, you could try to find a cleanout company that will agree to be paid out of escrow, or there are lending programs that offer home renovation loans to fix up homes to be sold.Be careful working with wholesalers as an agent.

I will do deals in HEB, but I'm very careful with them.Frisco is the tale of 2 cities.