@Jan Kutrzeba
You've got a bunch of topics. I'm going to try to address them, but it's going to be in a haphazard format (sorry, I'm not a poet). Direct message if you just want to chat about this:
Lending is just different for what you are looking for. Legal entities are not eligible for conforming residential loans. So, by taking Title with the LLC you should be taking the loan with the LLC. With real estate, its common for the individuals to personally guarantee the loan. This, in my layman's opinion, is better for your corporate veil than buying personally then quit claim deeding the the Title over to your LLC. Here is just one of my posts on that:
https://www.biggerpockets.com/...
Usually, you don't form the LLC until you are under contract. You write the offer with the buyer as "Jan Kutrzeba and partner, or an entity to be formed." In this way, you don't have to bear any additional costs with having the LLC. Also, its common to just name the LLC the street address of the property to keep things straight.
So, with a legal entity you'll be looking for commercial lending. Don't go talking to a residential loan officer who says you have to take Title in your personal name, then quit claim deed it over. Remember, the loan officer just wants to sell you a loan and has not fidiciary duty to protect the corporate veil of your LLC.
As with the above entity formation, its common with hard money lenders that they will want the property in a LLC, and only that property. It protects their interests as well. But, its not always the case with HML. Remember that these loans as short term (e.g 6 or 12 months) so you will have to refinance into some other loan once you are done with the rehab. You cannot have somebody living in the property.
Some national lenders that another BP post gave that seem to specialize in real estate lending are CoreVest Finance, Lima One Capital, Visio Lending. I've never used them. Supposedly they will provide commercial loans with 30yr terms...
Series LLC are pretty new and only exist in a handful of States, so no idea..
By definition, 1-4 family properties are considered residential. Anything more is considered commercial. So, an apartment building with 5 units is actually a commercial property even if there is commercial/business activity going on. So, you will have to get commercial lending anyway since the conforming residential loans are only for, well, residential...
No, you don't need a real estate license to invest...
With commercial lending, its not really regulated as heavily like residential lending. So, its whatever you can find that a company will agree to. However, your examples are kinda "out there..." That's kind of a different discussion. You need to think back to lien positions, etc. and the lender's risk...
Since you are investing with a non-spousal partner, your best/only option is to use some sort of entity. Its pretty much necessary for tax purposes to cleanly assign the profit/losses (N.B. the deductions you can take on a rental are irrelevant whether you use an entity or not --- entities are for asset protection / limited liability). Also, the rest of the "what-ifs" are spelled out if you setup the Operating Agreement correctly (seek professional assistance).
You'll want the entity taking Title to be formed in the State that the property resides. Otherwise, your entity will have no legal standing in that State...
Back tracking a bit on forming a LLC... You each might want to create your own LLC's. Then, your respective LLC's are the members of another LLC that takes Title. This extra layer of structure is just an idea. It gives you some flexibility in your investing and perhaps allows you to have a permanent entity to pursue branding. Regarding the "flexibiilty" aspect, lets say you get another partner. Then, instead of figuring out the "buy-in," they can just partake in the next deal which will have its own LLC anyway --- assuming you go that way... In the following thread, I talk more about having a Mgt LLC which might be something you want...
https://www.biggerpockets.com/...All, this being said, definitely keep it simple the first time. Of course, have professional guidance. But, get your feet wet, make sure you and your friend do partner well. By experience, figure out what you really need and want. That's they key. There is no one "right" way to do this investing.
Good luck.