I don't feel comfortable putting 75k on a line of credit but I would do 15k for a down payment.

There ARE private money lenders that won't require the 20-25% as long as they are comfortable with you and with your deal. 

I always just go ahead and replace an old roof if it looks like it's pretty old and could start leaking, better in the long run for your stress levels, and for the comfort of your tenants. 

I am comfortable with this arrangement because I know that I can tap the flip for funds if for some reason I couldn't sell it.

I need to establish a team before I would feel comfortable investing.

Remember,  reading leads to knowledge,  knowledge leads to comfort and comfort leads to action.

Initially want to buy properties with enough reserves + 25% down, I will loosen this up once I get comfortable but that is what I am shooting for right away.

Tenant applicant has a comfort animal named "Fluffy," here's a picture of her from Facebook:I can't say no to the tenant. 

I just like JV Agreements because they don't involve any state agencies, reporting requirements, etc.But if you are able to determine at this time that you are comfortable in a longterm relationship with this person, it might be better to have him also form his own LLC, and then have the two LLCs enter into a Partnership Agreement instead of a Joint Venture Agreement.A JV Agreement is useful when you want to limit everything to just one project and then it is ended.A Partnership Agreement is more useful for permanent or semi-permanent relationships.You said you wanted to do the deal without forming any more entities, but not give anyone an interest in your LLC, and so I suggested the JV.

Better to tie your life's work and dreams to something that can also support you comfortably, than to make amassing Scrooge McDuck piles your goal in life.