Very interesting studies on human behavior will tell you that there are limitations on what people are willing to ask for so they don't insult you. 

His LLC will be the "GP" general partner with my LLC as the limited partner.

@William Danielson the first step is getting a solid property manager who understands your limitations.

In AZ, we are limited to 1.5 times the rental rate. 

But then again, my trucks are 'beater' work trucks and have fixed functions... diesel tanks on one and just under commercial weight limits (25999) on the other... 

*Provide information about rental rates and other terms and conditions of the rental, as set out in a schedule provided by the owner, and*Accept deposits, fees for credit checks, and other administrative duties, security deposits, and rent*Provide preprinted rental applications and respond to applicants’ inquiries about the application*Show rental units to prospective tenantsAs you can see, a non-licensed, non-resident manager is limited to performing rather routine tasks that don’t call for initiative or decision making.For instance, this manager would not be qualified to negotiate a lease (4), deal with late rents or other violations of the rental agreement or lease (5), or appear in court on your behalf (6).(1) My property manager does NOT live on any of the owners properties.(2) My property manager is unlicensed.(3) My property manager supervises 10 different properties.(4) My property manager has negotiated leases for 12 years without a license.(5) My property manager has dealt with late rents and violations.(6) Unknown

Other than the lease agreement, pet addendum, pre/post inspection and rental application forms... what else would be necessary to be prepared for my first rental?

I was at the limit at one point, both from the standpoint of slots and DTI.

One thing I would like to do more of eventually is bring on limited partners to deals. 

These concerns include, but are not limited to;A) Your LLC may be required by the local Board to obtain a brokerage license pursuant to Virginia Code §54.1-2106.1.