Do you have a business plan, at least a general business mission that identifies the areas of concentration?

Some may prefer to utilize the convenience of technology while others want to maintain personal relationships.

(I already bought 1 house all cash and had no problems closing)"If you're buying the properties through your LLC, generally the LLC needs to register as a foreign LLC in the state of Indiana and maintain a registered agent with a physical address in the state to receive legal correspondence on your behalf. 

If you go down this route, you may need to secure a construction loan from a bank or, alternatively, refinance your other property to get cash and use your line of credit (discussed below) to pay for the construction.You may also get yourself into some trouble if you rent the property out and don't write the contract to explicitly state that it's only the one lot (this means that you are responsible for maintaining the vacant lot). 

PM companies mediate everyday between owners that want to increase revenue and minimize costs versus tenants that want a well maintained home without cost pressure. 

The structure you are talking about is not forbidden, but you will need a knowledgeable professional handling you partnership tax allocation and maintaining your capital accounts. 

My one thought, you have no repairs( there is always some) and they have fixed the big things for the last 3 years, this will make managing and maintaining much easier but you will not be able to do any forced appreciation.

For LLCs taxed as partnerships and S Corps, the capital gains and losses maintain their character as capital gains and losses and flow through to the owners on their K-1s. 

I understand there is some maintainence, ie the occasional dose of.      

He maintained the property very well, no immediate renovation issues were seen other than dated kitchens and flooring.