@Justin Windham For Spousal participation the spouse has to be a partner or employee in the LLC."

Recently, while on vacation in Florida, I met a very promising potential investment partner for a fix and flip SFH.

Ken Virzi Keep then flowing Ken, I've heard too many horror stories with lawsuits here on BP with partners.

I live in Amesbury/Newburyport area and so do my cash partners.  

I would simply say "we are partners, we put the money up, you fix and be the realtor.

The rental market is pretty strong and homes for rent are not staying on the market very long.  

If the location is right then yes you should strongly consider this one.  

We hope to both hit the ground running pretty quickly in the coming months.My question for you guys is this:  Once we become more experienced, do you see value in partnering 50/50 on properties in each other's states for Buy and Hold purposes?  

I am working with a partner that is bringing the down payment and I will be financing the rest.

@Chris MartinI like your strategy but for an investor with $50k liquid, investing in an 8 unit is difficult unless partnering with one or more investors.