The property itself, the bones, are in really good shape (except for the piers underneath the back addition).The foundation is excellent.

There's almost nothing you can do about how the courts operate.

It's just adding a middle-man (the LLC owned and operated by you) to your operation.

Or asked this way...will I have any legal issues if I went and borrowed UNSECURED funds from 4-6 people and tossed that money in my operating account to use as down payment and rehab funds for a BRRRR deal for example?

You are funding it's operation with other funds, instead of it producing capital for more acquisitions. 

How do you get an operating statement for a property that’s for sale?

The mortgage for this property is under own names due to favorable interest rates and a lower down payment.Additionally a bit of background info, before purchasing this property, we set up an LLC with a basic operating agreement.

If they are not safe or not built to code no lease language will protect you from a law suite.If you are trying to protect yourself from stupid just operate a safe business.

I had to pay closing and spent $$$ out of pocket fixing it up and made some payments out of pocket in the mean time.Bottom line you will need some money to operate a business.

Direct ownership might be better.In theory, with REITs, you're paying professionals to own, acquire, and operate real estate, so you shouldn't have to pay as much attention.