I just wish we had a formal outlet for said splash, I would join.

The formal rules of evidence shall not apply to the introduction of evidence at this hearing, but the court may look to the formal rules of evidence in determining the weight that it shall give to the documentation presented by each side.

Even throughout my formal education years, we never discussed “why” we were learning certain things or even what we were supposed to do with that knowledge.

To the LLC topic, when we set up an LLC it means this:  include the State registration, pulling an EIN (optional, but to create a truly separate entity, should be done), put together an Operating Agreement (even if you are the sole member, because again, this is part of business formalities necessary to show in a court that you're intention was to make the LLC separate from you personally); and yes, you should open a separate business bank account for the LLC (because comingling funds in an account under your personal name is the easiest way for a suing attorney to collapse the LLC). 

Many investors neglect to follow corporate formalities and their LLC is deemed to offer no protection.A more sophisticated setup is a holding company in a state like Wyoming, which controls all the subsidiary LLC's.

This of course introduces the headache of what could become an unmanageable workload for one person.My gut instinct says a formalized funnel will be worthwhile.

@Christian Wathne Do you all have a contract/formal agreement or simply a gentleman’s trust?

Sounds like you at best made an unsecured loan, but sounds more like a "gift" because there is no promise to pay in writing AKA promissory note.I tell people to read what's in this next link for a more formal and proper way to lend privately:https://www.biggerpockets.com/forums/49/topics/555...

It is extremely important that you know the basics of real estate as agents learn for their examinations with the exception of state real estate commission related materials.70%, I'm sure after being here for years on this site, of the questions asked on BP have the answer in the basics of a formal education in RE.Can you, as a newbie (or more most here with years in doing what they do) imagine being able to give an intelligent answer to 70% of all the questions asked on this site after receiving about 2 weeks of training?

Purpose: I'd do the work, they'd be passive generally, but are non-accredited and are friends.Wanted to make it a bit more formal for folks without getting too complicated with legal work, yet set it up in such a way that makes sense for the future.Thanks in advance!