We spoke with a lawyer who advised forming an LLC to purchase the home to protect our personal assets.

I would, personally, let him exhaust all his funds on the purchase and then you come up with a loan that finishes off the acquisition financing and then holds the rehab funds in escrow in an account you and your brother sign off on for withdraws.I do not think I'd put a lean on the property. 

The procedure, timetable, and any legal or regulatory requirements should all be understood when performing due diligence for a purchase.

We are 4 younger guys recently out of college looking at forming an LLC to purchase our first investment property.

Look into insurance policies designed to cover tenant intentional damage or gross negligence, as well as unpaid rent.

Is this a purchase or refinance ? 

I'm a Navy Veteran and would like to use my VA loan to make my first home purchase sometime next year.

You must have misunderstood my intent, but thank you for the advice.

in hopefully launch into a real estate sector I would like to pursue, learn more about and purchase, etc. 

I'm looking to purchase a single-family home in the $500k-$600k range with a long-term hold strategy.