you do not want your funds to be used to cover operating expenses if they are not reasonable. 

Below is my analysis:Assumptions:3/2 rents for $1900 (varies between $1800-$2300 depending on location/lot size)3/2 ARV $300K (low end of market)Hard money purchase @ 11%, 4 points3 month rehabPurchase/Holding/refi costs ~ $20kRefi @ 7% 30yearYearly operating cost $6000 (includes property taxes)Unit is rented out immediately at completion of rehabNumbers after purchase:Rent: $1900Average operating expenses: $500Minimum cash flow: $200Left over for Mortgage: $1200Refi max: $180kLTV: 60%Numbers for purchase:Hard money max: $160KRehab: $20k (out of pocket)Purchase/Holding/refi costs: $20kMax offer: $140k <----------Purchase price to ARV: 46.7%How do my numbers look?

Do not operate in your name.2.

Right now both of our properties are in our personal names and I operate under the LLC with my tenants, payments, maintenance, etc.

I have heard of incidents like this in where a worker/contractor, either operating as a DBA contractor or as a direct employee, requires that the owner is responsible for providing a working environment that is free from working hazards. 

They are super efficient and allow clean operation.

The 50% rule says that total operating expenses for a rental will at least be 50% of gross monthly rent. $1000 rent = at least $500 expenses.

(NOTE: I don't have any relationship with Auction.com, and in fact have found them a complete pain in the *** when I have won their actual online auctions; but at the courthouse steps, they're a very smooth operation.)Homesearch.com seems to be getting into the trustee auction game as well, and they seem to have a pretty similar setup to Auction.com, but I've never bought anything through them.

Not sure about your market, but the market I operate in doesn't command that I do a flip-quality rehab if I'm going to rent out to tenants.

I'd make sure I get a copy of the current LLC's operating agreement and see how decisions are made and all the details of their agreement with each other and potential new members.