If this property had established management with contractors I trusted I wouldn't have an issue to leave it to them.

And if you're looking out of state and want to work with an established team rather than run your own show from the get go then folks like @Maureen McCann with established systems and inventory will get you there.   

The two really major benefits would be asset protection for all involved and the ability to establish an Operating Agreement which can clarify scenarios like what you listed above.Asset Protection: if you just hold the property into a general partnership, then any legal issues the property has can "spill" over into either you or your partner(s) personal assets.

So in the example above, you'd be able to establish a line of credit of up to $80,000 with a home equity line of credit. 2.

Starting next year I will be taking the wholesale route now that I have established funding with Corridor Funding.  

(I don't see managing properties in a different state than you reside in being a profitable venture, only if you have established boots on the ground.

Financing terms for LLCs, even those with established equity, are typically far more costly than getting financing in your own name.

Financing terms for LLCs, even those with established equity, are typically far more costly than getting financing in your own name.

Then you would establish a traditional LLC as your operational LLC.

My purchases have been in well defined established neighborhoods with pretty obvious lot lines which is why I’ve been comfortable waiving them.