I run a small but successful business on my off days from the FD that operates only on word of mouth.

Other simple things include grounding/reversed polarity of outlets (you can buy an outlet tester at Home Depot for $5), using foil-faced tape at furnace & water heater flue pipe connections, operable smoke/CO detectors, cracked/chipping/peeling paint if your applicant has children under the age of 6 (I think?)

There aren't many options that provide the full suite of services (cleaning, guest communication, etc) you need to operate successfully. 

It took a couple of weeks to learn my job — I was in charge of the medical laboratory at Bagram, as well as the laboratory consultant for all NATO operations in Afghanistan.

I believe that applies in every state.So instead of operating below the radar, why not get your real estate license? 

I'd maintain control, and the operating agreement would be such that if we don't pay me $x/mo, he could take full control/position of the LLC.Alternatively, I could stand up an LLC and have the seller make a $75k loan to the LLC with terms, and acquire a commercial loan for the remainder.

There is no tax benefit to the LLC because for the purposes of taxes it is a pass through entity, which means tax treatment is the same as if you operated as a sole proprietor (just owned it directly).

Also, you need to operate the LLC as a separate entity (since legally it is) with its own bank account. 

Multifamily over 4 units is valued based on cap rate and NOI, which provides an additional opportunity for upside that is in your control as an operator.

We operate in Class A, B & C markets, but NOT D.1) We offer 90-day tenant replacement guarantee.2) Can't afford to offer Eviction Guarantee on Class C.