@John Morgan thanks for your response, that would keep the family relations on a reasonable level.

Will property values decline as each summer produces fires that potentially level homes?

Once she has cleaned her mess to whatever level she wants to and then leaves, she is gone.

Here's my take on the scenarios you laid out:Scenario 1:  Since Partner 1 is bringing the deal, the experience, and the high-level leadership of the deal, Partner 2 is the Money and the day-to-day oversight. 

So definitely a combination of many things going on.The market is hot, but not at every price point, I am seeing more entry-level homes flying off the shelves than anything.

After the window replacement, some cosmetic work, leveling, and rewiring the house will be livable and ready to rent.My question is after I finish establishing the new LLC and have the property transferred to it, how do I apply for a line of credit to afford all the work to be done?

There are lots of angles I haven't even thought of yet and am newer to this level of creative financing.

By me State law requires one each level regardless.

Here's the problem... 1) I can not offer on publicly listed properties without proof of funds2) I do not want to promise a homeowner of an off market property the world and not be able to follow through3) I have had challenges finding a partner willing to take a risk on me (someone with little experience, some knowledge, & a lot of drive) without a dealI feel like in order to attract an equity investor with my level of experience, I need a deal with so much margin they would be crazy to say no.

But you already know this...there is "no right to ride" so having a car repossessed is not on the same level.