If borrowers are unable to make payments and extensions around forbearance and foreclosure protections are lifted, home seller programs are a good place to look.

But, the limited liability protection of the entity shouldn't necessarily be affected should somebody sue the LLC.Yes, commercial loan rates and terms for rentals aren't nearly as good as residential loans. 

She's got STR expertise and knows her stuff.

Be honest with yourself about your skill/expertise level...more people fail in this business than succeed. 

You can protect yourself from potential liabilities without an LLC  by purchasing an umbrella policy.

I can't speak from personal expertise in the area of finding wholesaler mailing lists, but I do know there are sites such as happyinestor, connectedinvestors, udemy, hudforeclosed, et al., that can help you find deals. 

Money, expertise, a good W2 etc. 2.

Hey Jessica,I have house hacked a condo in wicker park and I do still collect security deposits and go through all the normal processes just to protect myself.

Nearly every State's contract has a section for special instructions to lay out terms, add extra documentation etc.The "one pager" contract has its place, but I use the State contract 98% of the time because it offers excellent protection to both seller and buyer, is easy to fill out, and is what everyone is used to seeing.

If each partner contributes cash but only one partner contributes labor or expertise, then I recommend you split the cash flow and equity based on the percentage of ownership at the time of purchase, and then pay yourself separately for your labor.