What's the potential danger if I do this?

This is the danger of starting a business after watching 3 youtube videos lol.

If we add value and are able to execute the flip successfully, the risk of a market correction is significantly mitigated by the added value...particularly when compared to the alternative of purchasing a stabilized property instead and only experiencing the market correction with no value added.

So you can really help yourself out.By the same token a move from a volatile market like Vegas to something more stable can be a good mitigator against a potential correction in the market.

It’s very hard and dangerous to start out in large scale multi family without mentors or partners.

Most homeowners I meet are relieved to have someone they can talk to that can educate them on how the process works, even if they don't want to sell.Yes, buying at auction is risky but there are ways to mitigate this risk.

Ultimately the LLC isolates you from the property in terms of liability to mitigate your potential losses in a worst case scenario. 

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

I know enough to be dangerous and want to make sure that if I decided to take on a friend as a partner?

After meeting with the building official's boss with the intension of having him be an unbiased mitigator, the city's building official decided that I couldn't keep my brand new 2 meter electrical service and that is now part of the corrective action they are seeking.