Even if you do get a lender to approve in your own name and then transfer title, it can cause transfer tax issues.  

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

The only thing that should affect things are property taxes, down payment and if there is a property transfer tax (usually a % of the home) in your area.

If you have a tenant leave, you will still have to pay that water bill... it transfers with the property here in the Chicago area unlike other utilities like electric or gas. 

We established a draw schedule with the PM that was coordinated with the Contractor up front. 

Did you transfer ownership to the LLC?

Or could I buy it and transfer into an LLC that is owned by both of us? 

You can attempt to file bankruptcy personally if it was transferred to your name.

I always think a 50/50 split is most appropriate and easiest to coordinate. 

The PM was acting on your behalf, so the lease transfers to you.