Who has the title of the property being sold.You likely should have consulted a CPA before the venture started to make sure it was done properly.

This could potentially be turned into a joint venture wear one of you provide the cash needed for closing and the other one provide the Capital needed for the holding cost.

The experts can't do it, why do you think us mortals can.The only exception is to have a colleague who is experienced in investing that will joint venture with you and he will run the property. 

I mentioned it to a few friends, and one said she'd be interested in joining the venture for the property. 

Get into a joint venture agreement with your partner as things can get hairy down the road no matter how well you know and trust each other. 

Rental market is good in most of sc. if u plan to be an out of state landlord make sure u vent ur property management really well.

I can negotiate either a cash rent agreement on a per seeded acres basis, or I can negotiate a crop-share joint venture if it is in an area with a farmer that I know and trust (higher risk, higher reward with crop share).2.

Until then, I am planning to educate myself about real estate, and to gather capital to be able to start my venture. 

includes 2(A): It is alienable separate from the title to any other dwelling unit or is a subdivided interest in a subdivision, as specified in subdivision (b), (d), or (f) of Section 11004.5 of the Business and Professions Code, and the owner is a natural person who owns no more than two residential dwelling or house units.It'll be interesting to determine the answer to questions 1 and 2, specifically regarding whether the number of out-of-state rentals plays into this law.Thanks again,Ryan I would also venture the guess that out-of-state homes won't be a problem if you're out-of-state.

I didn't have any sort of requirement like this with any of my first purchases inside an LLC and I would venture to guess that if you are working with a small local bank or a semi-local bank you'll have no issue here.