I have done several deals on the flipping side (About 4) , and currently am a partner in 9 units of buy and hold units (1 small apartment complex and 1 SFR).

Could be $10k and up depending on complexity. 

Do not ever think that hiring a PM makes you immune.I have a former client that owned a couple apartment complexes in California for 30+ years.

The difference is she lived in a COOP within a large apartment complex and her absence is not noticed.

I have a mutual friend looking to sell a 12 unit apartment complex, due to his age.

This may be a better resource for youhttp://www.dglandlord.com/We are committed to helping independent property owners with 10 or more Dollar General stores to achieve improved financial results and reduced complexity of ownership as a Landlord.

There are ways to get around it, but they’re kind of complex and I wouldn’t recommend doing it unless you had an experienced partner or mentor helping you. 

It seems you've added layers of complexity that are totally unnecessary.Put property in one LLC, one checking/savings account, one credit card.

@Thomas LamThe forums are great to ask general tax questions or even questions that non-tax practitioners would be able to answer.When you go into specific questions and especially a situation as complex as yours, it may be advised to connect with a professional just to make sure that there is nothing intercommunicated and everything is done correctly.

If the $$$ of the transactions is up there, a more complex LP with an LLC as the GP makes more sense, but that's at much higher capital deals.