YOU want complete control over that part...

In my experience of buying my own turnkeys and helping other people buy them, I'd say the biggest pickle I've seen people get in is going into it assuming they can be completely hands-off.

Your LLC and YOU are completely different, need to have different accounts. 

Karen I have completely separate bank accounts for personal stuff and separate for my properties.

If the flooring in this unit is older than five years I would not charge them anything, even if they completely trashed it. 

. :)now those guys teaching wholesaling thats a has been... and in many states completely illegal the way they teach it.. so much abuse in wholesaling i think over the years states are going to really start cracking down like we are seeing in OH  FLA  CA OR etc.  

Your LLC can be taxed as a sole proprietor and for the LLC to do as intended ("Limit" your "Liability") you must completely separate personal and business expenses, credit card, bank accounts etc etc and obtaining bank financing may be impacted.

Under that structure you would be regulated by the SEC and the whole deal should be structured accordingly.If you are planning on having some level of active involvement in the operations and not completely relying on someone (The GP in this case) to manage your capital with the expectation of future financial return on your invested capital then you can go ahead and just go the "partnership" route.

RE requires you to be hands-on unless you are willing to be completely passive and give up control and a lot of $$ to a manager, partner, etc.

For context - I’m a newer landlord myself with 2 current rental properties (one I just completed tenant lease signing for today) and had a third rental property which I sold about 3 of years ago.