I am torn on how to handle the down payment.  

If you're looking for a bank to handle your team's LLC, then any is fine, although you may want to establish a banking relationship with a lending institution that services the type of deal you may want to handle on your own with your holding/operational LLC  - i.e. buy and hold SFR/MF, fix and flip, or ground up construction.

@Kaitlyn Castillo definitely not passive, unless you get a property manager to handle everything for a premium.

You're probably going to have to study the area further to really get a handle on what properties really sell for.

Daniel, thanks for sharing, have you had any bad situations like Tenants not paying etc and can you share how your PM handle the situations?

For example - simply physically handling the deposit check.

I have a lawyer handling, he expected the approval on closing, knew the board president, but did not receive it.

I use Falcon, but I believe they only handle commercial.

Any suggestions for how we can handle this?

Any suggestions for how we can handle this?