A 203K may be a good loan to go with, but I'd keep an open mind.

I don’t have time to go door to door cold calling to find off market homes so haven’t gone that route.

We definitely have a well written out LLC with a good operating agreement however because the mortgage note itself is in the name of one of the partners, I’m unclear as to whether he specifically is at risk if something were to go wrong at the property.

That PM has got to go. 

In your excitement don't forget rentroll, leases, financials and an inspection prior to going under contract.

So I think you can make do with spreadsheets if you wanted to go that route.  

Now my business parter is out of the game and I'm getting ready to go full time into it.

I think I have a general direction of where I need to go but I’d love to talk to some pros about everything and see if I’m heading in the right direction.

If we decide to sell the home we are currently living in, we will need to go somewhere.

Rule of thumb is that if you have a legal issue (personal issue) its going to be hard for a court to go after your LLC's.