You should also work on defining exactly what property you are looking for and where you want it to be located. 

In addition, the law provides penalties for a person who acts or purports to act as a real estate broker or salesperson without being duly licensed.”Acts defined within the purview of a licensed broker or salesperson include bringing a buyer and seller together with the expectation of receiving a fee & publicly marketing a property you do not own or hold title to.

I most definately would recommend something else.

I want to use the first LLC to be the GP for the second LLC and have the limited partner inside that one with a clearly defined operating agreement agreement.  

While wholesaling is legal in most states, several states have passed laws defining wholesaling as brokering and are requiring a real estate license to wholesale property.

However you define the relationship or what name you give it, both parties should be up front about their role and make sure expectations are clear.

Once use of property is defined, then rehab, rent out, refinance and repeat is the goal.

@Simond Wong you need to provide the contractors with a clearly defined and detailed scope of work including all the finish selections.

:Generally speaking there are 2 permanent loan types for "buy and hold" investors: Conventional and Portfolio.Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

I can tell you right now that it is a rare thing to have a purchase situation where you are getting BOTH cash flow (properly defined) AND appreciation.