Here is a diagram to help you in your quest:From your question details, I would not look into LLC yet.

I'll shoot you a PM with more details because I can't really be looking like I'm selling you something on the forums but figured this was good info for anyone tuning in to the conversation.  

Thank you for your detailed response. 

Your cash on cash return for each individually will be much higher since you've only laid out 20% vs 100%.I could go into more detail, so let me know you have questions.

Someone who is familar with NY State, fees etc and can do a realistic analysis to see if it currently makes sense to do it given what I have (Vs. someone less experianced who just wants to sign the business)thanks

And have you decided on a market to invest in based on your analysis?

@Ian Barnes Do you have 1-3 good inspectors that you could pass their contact details over to me? 

Since no details were given to income or current situation.

That time has to be documented with a detailed ongoing time log.3.

I've been reading David Greene's Long-Distance Real Estate Investing to build some knowledge but I don't want to get stuck in the analysis paralysis phase and would like to take action as soon as possible.I'm mainly looking for small multi-family properties (duplex, triplex, fourplex) to start with and eventually expand towards commercial properties.