Not a lot of information on it as there aren't many consumer protections out there for "protecting yourself." 

Fun fact: VA loans aren't "one time use only." 

Now I’m curious though, is running credit and background on all partners, even if they aren’t bringing money to the deal a common practice with HMLs?

Reinforce changes to the property aren't allowed and state it in your lease (no painting, wall building, wall moving, etc), talk about specific lease restrictions (e.g. no pools and trampolines, limits to guests, animals) on lease signing. 

I'm also gathering that there aren't really any tax benefits with me using the LLC vs. personal financial reporting either.Is my only benefit to the LLC the ability to make polo shirts with cool logos?? 

Agree $1200 is high unless these are really nice large units which they aren't. 

If you have no experience at doing something you aren't going to know how to do it yet. 

You aren’t going to get much more durable than 4 coats of poly on oak.

I would think keeping them separate would be better so funds aren't comingled.Also I am a realtor in PA and I know it is possible to have your business set up as an LLC, but you can be taxed like an S-corp.

If a property has been on the market for a long time, you are more likely to get a good deal depending on how desperate the seller is but I would definitely do some research on the property to make sure there aren't any hidden liens or large problems that would cause you to lose money in the long run.