I'd love to talk with you about the 11 unit...we're trying to form the smartest plan of attack to finance something of this size. 

Around $150 to set up and once a year you file an annual report which is a simple form, to the state of Illinois (will tack on another $75).

I recently formed an LLC with 2 other members for REI buy and hold.

In fact, meeting the team in person and viewing their work up close would be an important prerequisite for me given how crucial that personal X-factor is to me.  

If I can accomplish it for $30k-40k it would be a good investment for me, but I know nothing of what's feasible or not. 

@Rickey Stevens check this pdf download called "The Top 20 Real Estate Books Every Investor Should Read" at https://www.biggerpockets.com/books

I am guessing I would need to form an LLC in TN for that property?

I think you could use the second tab to set out a bid form for your GCs.

As this is a risk for me to tie up a chance of not selling to anyone for possibly 3 years, is it possible to "tie it up" for them, but say something like "price to be determined by appraisal at end of lease, with a minimum of $215,000" is this legal, or common?

Finally, if that fails you may see what the banks offer as far as low down-payment conventional home loans, I know when I was looking earlier in the year (June-July) there was an option for me to do conventional at 5% down payment.