Then once the lease is signed and first month rent and security collected they turn everything over to you for management (this is also outlined in the lease agreement)  

I advanced 50k to pay back taxes.. 2. like most contracts for distressed property it was all cash at close.3. on the closing date I moved in all the cash to buy it  6 figures 4.

To clarify @Jason Wray's response, monies pulled out of an exchange are called "boot" and you pay taxes on them. 

My questions are: Are they any implications (tax or otherwise) if after the funds are paid into the business account and my friend writes a check to their personal account from the LLC to get his money out?  

From Wikipedia, Alabama has the second lowest property taxes behind Hawaii.2.

With the high property tax and about 10k of work needed on the home.

She wants to claim interest payments on her taxes? 

So I am looking at a house that is in a run down condition and did a tax look up.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

If you ever need help on strategizing your business model or consultation on how to secure financing on these types of deals I would be more than happy to assist when the time it right for you.