If you are doing it with a friend its a multi-member LLC  not a single member LLC (unless you just want to do a JV agreement) so your operating agreement should spell everything out.With that being said there are definitely advantages to having an LLC such as financing and sometimes tax related advantages but  if you are not raising money its may not vital to have an LLC though your own situation may vary.

How much/ how often should we raise the rent without making him look elsewhere?  

Why is time frame so short to raise the $10mm?

I'll copy-and-paste your deal's info into a flyer I can show around and see if I can raise some interest.

Cut out 75% of copy, eliminate all the "I" stuff.It's all about them, not about you.Then test. 

This strategy should also protect the downside a little better by offering a larger pool of buyers in the future.The way we try to claw back the cahsflow/equity is by targeting short sales or wholesale deals that may require rehab but are priced well below market value.We are not reinventing the wheel, simply implementing a tried and tested method.

Today I found that Colorado Springs Uitilies has test gardens..........soo zero scape but............ it gets better.

@Diana B.If you will be purchasing property in the U.S.A. while residing in Canada, then before you even get on a plane, you need to figure out your long term strategy (i.e. to you plan to keep all earnings in-country to grow your business or do you need to bring the money home) and the best organisational structure to fit your current situation and help you realise your objectives.If you search Canadians buying real estate in the US here on BP you will find several threads which raise some of the ownership considerations when investing abroad (control of repatriation of funds; taxation; liability, etc).  

They are currently raising money to purchase land and build a new Church that they will own.In the meantime, the Landlord at the current location wants to sell the property where the current church is. 

The test is a doozy, but it's worth it.