If its less than 100k then it is personal preference and your own risk tolerance.

If you plan to purchase more rental properties in MKE/WI then it would be best to structure the deals with their own separate LLC entity as most of my out of state investors who purchase/buy/invest in MKE/WI prefer to do it this way.

I prefer not to use my own money as I need it for Reno's so do you have any tips on if I can finance the downpayment from another source?

I assured them I was the right buyer.

My preference would be to invest in-state, so for me to venture out of state, the ROI would have to be notably better than something I would be able to find in New Jersey.

am curious as when would folks prefer private interest ?

I listened to a podcast that someone (whose name I am blanking on) discussed their preference in 200+ days listed, as it can lead to a better deal being made with a desperate seller.

In my area, to consider a room as bedroom, you need to have closet, either built-in or standalone (some Cities prefer built-in only), should have a  HVAC vent, but no water heater and no electrical panel in the room. 

I prefer the variable in any case, but I am just trying to decide whether to have 1 mortgage (552k) or not because of the two other properties I closing on or before Sept.   

With that said most investors prefer to pigeonhole their go-to contractors.