As others mentioned, talk to an attorney the first time around.One important thing to note is that this will change your financing options (if under LLC vs personal).  

However, if you have a distressed home, physically or financially, then they may be your best option for a quick close besides a flipper like me.Good Investing...

We have done some searching ourselves and started sending out letters to generate leads, but we're curious if using a wholesaler would be a better option.

It sounds like if you just structured it giving him commissions it would not really work out considering he clearly wants more involvement/skin in the game on the project.Maybe just split it LLC 50/50 and the commission savings is a preferred return over his split on the exit?

You have a lot of options so make sure you add a good Banker to your circle or Network to help you explore all of your options.

After rehabilitating the property, you can refinance into a DSCR loan if traditional financing isn't an option for you.

I'm guessing it would be easiest for them to come two weeks before their move in date and get an Airbnb and tour different options and make a decision quickly like you said. 

You will be eliminating a tax break that can be hugely beneficial to you as you enter retirement.You're most financially beneficial option would be to sell those properties and do 1031 exchanges into other real estate that is passive in nature. 

You could do a 5 year lease with a 5year option. 

Take a good look at your budget and explore different financing options, such as traditional loans, FHA loans, VA loans, and private financing.