I'd be okay taking a swing for a $30k profit if it's a good buy and hold property.

@Gregory Greene I been looking and scaling out things myself although new to Arizona.

We have a loan of $1million and both LLCs named on the loan although it’s not specified 70/30 on the loan docs.

Toledo offers excellent cash flow opportunities, although its neighborhoods can differ significantly even from one street to the next.

What you're asking about is the hardest part of the entire process.

I'd advise starting there. 

It was just a multi-family property that came up local that was rented, thought I'd reach out to the realtor for a rent roll and practice running the numbers on it.

My target is Class B neighborhoods at the moment.Funny enough detroit is in the list of areas I'm researching but found out pretty quickly that I'd need some solid connections and boots on the ground for neighborhood information.

I found that my first one was the hardest and then things slowly got easier and easier (kind of like riding a bike).  

I'd go with the first option-keep it in your name and divide the cost by 3.