Generally speaking, the flipper will make more money paying a HML, but if the project goes south, there's no one to share the pain. 

I'm in the process of setting up my LLC in Georgia (I am a Georgia resident), and my properties will be in Georgia, but I'm also looking at properties in other states (PA, IN, etc).So, riddle me this:-Will I need to obtain a local business license in addition to my LLC?

To Tim...I sure understand your pain and frustration...my advice is to take a hit if necessary  cut your losses and get out, it will not get better.

Many of the vacant land buyers I have dealt with have unrealistic expectations, limited computer skills, and tend to agree to things then disappear.

You'll want someone who has a clue what they are doing, otherwise it could be a long and painful process.

The 10% of rent a month is painful,  but I can certainly see how some investors gladly pay it to keep their investments passive. 

I am planning on putting double pain windows in to say on energy and cut down on noise.  

IN the multi bene loans you needed each investors signature on the foreclosure documents.. and if you had a hold out it was a royal pain.. :)

I like joking around, it helps the pain a little bit.  

As many investors here on BP will attest to, obtaining bank financing for real estate projects can be a real pain.