Forget the last part of you just want to have a LLC for piece of mind as I know that wasn’t your question...

Then take out your piece of the rent.

@Amean Galindo, @Miller McSwain, @Jeremy Wirths thank you all again for the thoughts and help.I do have one other question (well there are a lot of questions) but 1 more on this piece. 

Biggest piece of advice when you're getting started is to participate in local networking groups.

Hey @Whitney HuttenI plan to take care of the renovation cost out of pocket, so the only financing piece the seller will take on will be the property's purchase price.

I don't know the metrics of good/bad flips, but gotta think outside of nuisance value or triggering 40 1031s with different time windows, the seller'd get more out of piece-mealing them.If I had $8M, I think i'd get better bang on a larger MF project OUTSIDE OF PORTLAND PROPER.  

@Joshua D baker with everything going on I’d keep the paid off ones as piece of mind.

I inherited a piece of real estate.

They just rent out both rooms down there, getting $800 a piece.

You could search for those, download them, and then piece together your own contract.