Especially if you're not an experienced wholesaler and/or can't demonstrate how you have a killer deal on your hands.

Of course we would come to a clear agreement prior to any money exchanging hands.  

Simple. 

Thats the simple answer mind you.If you are wanting a SFR for your main residence then you either need to make sure that the rent you get, from the unit you use to live in, covers your new mortgage in order to keep the same cash flow and savings.

Would like to keep it simple small standing shower.

To keep things simple, we stay consistent with our percentage ownership in everything and that is reflected in our K-1s.For additional work I've done for our LLC, we will pay me "management" or "services income" and I get 1099's at the end of the year.

When the market changes and investors have the upper-hand again, I like this method of finding contractors.

Do we need to go ahead create an LLC or Series LLC or keep it simple and operate as a “sole proprietorship”?

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

That first-hand experience is apparently critic on making these types of loans.