We wanted to have something to protect us.

"I would expect to spend at least $.......... but no more than $........... rehabbing a shell"

and has enough depth of experience to handle your exchange appropriately from start to finish including strategic consulting and protection of your funds. 

He mentioned that a LLC may have some tax benefits but it’s not effective as a mean of asset protection.

Please do not spend that type of money on "coaching".

We really want to spend some time driving around and hanging out in different neighborhoods to get a better feel. 

Brian, I would be spending time analyzing the risks here and not just the numbers and future value adds. 

You'd have to check with your state regulations on this, though.You need to stop the bleeding and not spend more money on lists or marketing until you narrow down your current list, or scrap it and pull a more-targeted one.

What things should be discussed upfront to promote and protect both parties interests?

2024 is 6 years awayI plan to spend the next 6-12 months learning and studying dealsI estimate that in order to replace ~$130,000 of gross annual income I will need to have that same total of net cash flow from my properties by that time (I currently only own two single family houses)If I make the assumption that the deals that I find/buy return $500 per month of net cash flow then I will need a total of 22 properties to equal $132,000 per year (22 * $500 = $11,000/mo. * 12mos = $132,000/yr)The $500 per unit estimate is not a per door estimate, rather a per unit estimate.