Too much detail in the initial stages doesn't get you anywhere.

Usually the first property is the most nerve-racking and the hardest step for everyone.

I think the best first step would be finding a company getting a part time gig to see if I like it.

One other thing not in my original post, it is understood that an evenutal consequence is that our daughter's basis, when she buys the property, is the low sale amount, which could affect her in the future if/when she sells.It would be better, of course, to die first, and have her inherit the property with a "step-up" basis. 

Step 1: Get a job earning X amount of moneyStep 2: Get a second PT job earning Y amount of moneyStep 3: Get a third PT job earning Z amount of money (preferably this should be in the real estate field in some manner)Step 4: Wake up earlier daily, grind as many hours as you can, go to bed, repeat...

Partner puts up $5k initially and gets a $1k/week draw against his profit share.

Im aware of the fact that resent real estate laws might make this hard and costly but would like to hear specifics on the best way to structure this so in the event of a default from the buyer I can step in and foreclose in order to maybe fix and rent or resell.

I could also borrow 50k from my 401k for a short periodBut I’m hoping I can just take care of it in one step with the refi

Can you give me steps in order to file the LLC on my own?  

One of your first steps is to find cash buyers and understand their criteria, you can find them at such meetings.