@Chloe Hohman  Agree with Nicolas, I don't see any money for you in this deal.Even if you could put down $50k, and financing $200k, with a standard 30 year 7.5% mortgage, your mortgage payments would be $1400 per month. 

They only put liens for the money they pay for boarding it up and mowing.

How do you actually divorce the two?

So I'm sure someone with money and idea ready to go would be willing to pay to cut that time and risk out.

A trust may offer some of the same benefits as an LLC, depending on your goals, and allowing you to claim the part of the house you live in as homesteaded tax.Make sure you have the right home insurance and consider an umbrella policy for extra protection.Certainly buying a house, using conventional financing with limited money down as a primary residence and renting out parts of the house to help pay the mortgage, is a smart financial move.

then that actually hurts me instead of helps me.

You are probably throwing your money away if you are planning to hire a "guru".

In a perfect world it will also allow me to input quotes as well as actual cost to complete each line item, so I can get better with each renovation.

It's in a part of town that is being revamped from former industrial to nice stores, shops, restaurants, and businesses and I believe there is even some money offered to help revamp that part of town if you purchase something and help improve the area.  

Investors, (two of us) ultimately funded about 32% of the project with cash and additional money was raised from members of the local REIA, simply by word of mouth.