Be sure and do proper screening to help reduce chances of getting a bad tenant.

Direct marketing is your best option to find a good deal.Once you find that deal (and you should have already lined up money), you want to start the rehab process immediately, time is your enemy and cuts into profits.Education is paramount and you must know how to evaluate rehab costs and properly calculate the ARV (exit value).

The board member will have a harder time to walk away if they are not doing their job properly. 

Welcome to BP @Neil Anthony Investing out of state without a proper team in place is scary.

I work retail costumer service. 

Their engine doesn't screen comps properly and your estimates can be way over or way under.

A finished basement is not a liability if it is properly finished - it sounds like what you're describing is a very unproperly finished basement that may be a liability in this case.

@Michael Jobe   Your broker should have a team leader or person within your office you can talk to who can assist you with the proper language to use. 

I'm wondering if anyone out there has information on how to properly set up a dual-member LLC, as far as roles/responsibilities are concerned?

I promised they will save you much more in taxes than what they will charge you in fees to set it up the transaction properly to get you the best tax treatment, Hope this helps, good luck!