There's no concrete deal in the pipeline YET, but they're working with me to determine the blueprint of a potential deal and what are reasonable return expectations for myself and other investors.  

Only you can determine what that is worth to you.

It is like a divorce, who gets what and who (acquired connections) is very difficult to determine when it is time to close that llc.

Yes, I realize that a decent tort attorney is going to be able to pierce your LLC and get to your personal assets in the event of some egregious negligence on your part related to these properties, but there is still a modicum of protection afforded to you with them in an LLC that is not afforded to you when they are titled to you as an individual.My other suggestion would be to talk to a CPA and a decent Business Attorney or Estate Planning Attorney (or both Attorney's) and determine based on your overall individual picture which is the very best way to hold your REI portfolio moving forward. 

That's what I call determination.

Great Thread I also am looking at taking my first step into real estate I have bad credit no money but do have a good paying job and determination to be successful.

I am not cash rich but I am creative & determined to learn more.

Just like how your properties now effect your DTI - You would use the IRS for 8825 to report your income like you would on a schedule E and then it would be applied to your taxes depending on the percent of ownership.  

What I am trying to figure out now is an efficient way to determine which owners are absentee and/or live out of state?  

There are other FHA requirements concerning which you should contact your local lender, but determining whether or not a triplex or fourplex meets the self-sufficiency rule is a good place to start as this rule will immediately eliminate many properties from your search.