Although I'm a lawyer, I'm not your lawyer, so you should seek separate legal advice if you feel you need it.The bottom line is that they are already in business together and should probably stay that way.If they were to split things up, they would have to transfer the property out of the LLC into their own names and that would cause problems and cost a lot of money.Even if they successfully split it up, neither one of them could refinance and it would be difficult to sell the property without the other one agreeing.They should either keep it in the LLC and live with it, or sell it and split the money and go their separate ways.What they are proposing would make things more complicated, not less.

The geography makes Arlington County, DC proper, and MD suburbs very difficult for commuters.

But because the Seattle market is so difficult now, I want to explore out of state STR investing. 

Very difficult to value, must look at the value in current use vs what you think the future holds.

If it's already updated, there will probably be little opportunity to add value and the seller will be less likely to accept a lower price.That being said, when you're less than 1%, the numbers get increasingly difficult.

@Chanoch Moller, Finding financing independent of banks or different lenders is very difficult to accomplish.

I've done a lot of reading and looking, but finding a property for a price that makes sense to flip is proving very difficult for me. 

Just spoke with my father and yes he has experience with that...he has made recommendations for clients before. 

I assist my clients by asking all the right questions, getting to know them and understanding their family's specific needs.About the FHA, I think the fact you work in CA doesn't mean you resign there.

What I wrote above does not create an attorney/client relationship between us.