I can't see a reason for doing anything besides splitting the costs in accordance with your ownership percentage.Percentage to save for capex varies based on age, climate, style of building, etc.

I don’t know AL lien laws, but in FL transferring ownership doesn’t affect the ability for a contractor to file a lien.Lien laws are very specific as to timelines, notices, etc that a contractor must follow....reading the statute may help.  

I am aware that I would need to apply for this permit once I take ownership of the property and I know it is zoned for air bnb, and the previous owner has been approved for the city. 

If the LLC is only in my name, would I be the only one to get the tax benefits (business ownership, mortgage deductions, etc.)?

All the while, you always have control and nobody else, not even your attorney, can manage or sell your property except for you.If you need to prove ownership for financing or any other reason, you simple produce your company documents as well as your banking and accounting records.

Reasons why it turned into a value-playThe previous ownership group lived 3 hours away from the property and had a full-time property manager and maintenance man on site.

-  Do you use websites like FREDs (https://fred.stlouisfed.org/) and look at the unemployment rate, home ownership, median income, and etc- And/Or do you look at nation news to see which city is getting/has the new multibillion-dollar plant?

You simply create an LLC and split ownership pro rata. 

Once you have identified a team that you know, or get to know - and trust - your involvement will truly be passive.Leverage a quality, and proven, teams’ experience.Let your co-owner partners run the business so that you can spend your time elsewhere, doing what you love whether that’s volunteering, making more money, traveling, having experiences, being with loved ones - you name it… all while your money multiplies and your team works for you.Now on to the Tax benefits:A great way to shelter income as an owner, partner, or limited partner of a cash flowing multifamily (apartment community syndication) asset is to utilize cost segregation in the 1st year of ownership. 

However, when a flip becomes a hold, the land trust allows flexibility for the first year or so of ownership.8) SC owner occupied tax rate can be acheived with land trust but not with an LLC 9) Land trust are easy to form and inexpensive.