Reason this seems important is that it would help determine strategy of a larger vs. smaller downpayment to increase cash flow or increase leverage. 2nd Question) I've read about "special allocation" of taxes that allows for the tax gains/losses to be distributed in a manner that is not equal to the ownership stake.

Whatever you choose to do, make sure that you gain as much from the project as you can.

What are you trying to gain by the marketing? 

The numbers given by owners and agents may not always be in line with reality.This site is loaded with resources to help you gain knowledge with regards to determining an appropriate offer price as well the NOI (net operating income).Although the raw numbers of the deal are very important most deals have other factors that are worthy of consideration.

These are just a few of the questions I am working over as I decide to invest locally or remotely.My personal answer is to start off locally, to gain some experience and an understanding of how the process works.

i am looking to gain more knowledge on the creative real estate business.

I am  looking  to gain financial freedom why helping others along the way. 

Furthermore, the property is cash flow break even, thus any gains will be in the appreciation, small rent increases in future years, and principal pay down.

One that is on the title, and another that acts as the contractor so "owner" can hire "contractor" to do the work.Tax reasons... capital gains reasons... etc.

The impacts of the LLC on the down payment, mortgage/capital gains write offs, and cost of business are significant, plus I can see making mistakes in setting up the LLC as so much of the process is new all at one time.