In the midst of two AZ tax lien auctions now so my time is limited. 

States with no income tax are HIGHLY regressive in their overall tax policies. 

@Mike Lambert apologies for the slow response.I'll keep updating my progress here for people interested.As mentioned above, with a downpayment of 20% and by receiving the rent the expenses (mortgage, tax, capex, repairs, vacancy, insurance, property management) are marginally covered, leaving no room for cashflow.

Charles county is a good bet and so is Anne Arundel (their RE tax is low). 

We are preparing for taxes and even though our LLC documents say that we are equal partners, our accountant is telling us that we need to build up our cash equity to be equal to theirs if we are going to file as equal partners.

If you are comfortable working remotely then there are at least 20+ professionals here that would be more than happy to assist.If you have a specific question about ROBS you can always post it and then use the answers on the forum to filter who has the most knowledge and experience in that area of tax law.

I've been part of deals where the investor was in and our of an out of state investment in 90 days and netted 45k after taxes. 

A Tribute to Julio Gonzalez @EngineeredTaxDear BiggerPockets Community,As we traverse the intricate landscape of real estate investment, it is imperative to delve into the profound significance of proof of income, specifically the last two years of income tax returns, as mandated by lenders.

You are mixing up two different things.You will probably form an LLC that will own the property.You will then have to decide ownership percentages, who managing partner will be and who will do what.For tax purposes, you will need to decide on corporate type: C-Corp (no), S-Corp (maybe), partnership (1065 tax form). 

Most investors still want to invest in the city because of the relatively low tax rates.