Its certainly hard to cash flow significantly in the current environment (high rates, high values etc) - I tend to think though that just "doing" a first deal even if it doesn't make too much is valuable versus getting stuck in analysis paralysis - the learning from the experience of actual doing it generally is 10X + even a ton of courses, info, spreadsheets etc

If the last number in the column makes you smile then you do it.This applies to foundations, total guts, interest rates....everything about RE.

Seems like it may be better control of your money then SDIRA and less fees.  

How you structure the deal will be dependent upon the two of you, but you may make a finders fee, or work out a partial ownership, or something else.

What are reasonable prices/fees to manage a duplex? 

Which cost me a grand so you could figure that in as your management fee.

The ARV would be 780K at a 8% cap rate and I'd have a government contract to rent the units out to vetrans.

@Michael Mainini you have options and renting could be a good choice if your interest rate is low.

The primary motivations for purchasing an LLC that owns the real estate is to avoid the potential of a significant property tax increase and to eliminate conveyance fees.

Many have questionable deals on them that most of the money goes to fees and I wonder if they ever make money.