Assuming around 50% expenses and $840k PP you're at a 4.5 cap.I don't know your market at all but that doesn't sound like a great deal.It sounds like a brand new A class building so expenses should be lower though.You would need to get all of the actual numbers to really analyze it properly.

The concept sounds great but it's hard to find a lot of information in the public realm outside what their site provides.

Deal overview;Purchase price = $350k. 4,000 sqft, 5/4 that had an in-law suite above the garage, complete with a tar-pit (I mean pool, but you couldn’t tell the difference), hurricane damaged roof with inside water damage, two kitchens that needed appliances/updating, 2,300 ft of flooring needed replaced, $45k in city fines that we had to navigate (settled on $1,500 in fines, title company assured me that would be the case, but I was still apprehensive, glad we listened) and lots of granite, paint & fixtures!

Well you guessed it, one sewer line replacement later due to root balls I learned a lesson.Where am I going with this?

Sounds like a good deal and a smart buy.

I would not have rental history, but it sounds like some lenders will consider it. 

I bought a house from a wholesaler in September 2017 for $115k. I have it listed for $185k and was told by a realtor that was a good price. It hasn't sold yet, but for the sake of this post, let's just say it will sel...

Otherwise, when you get into terms like GP/LP, that sounds like a syndication to me.

Sounds like you are doing well in that tiny part of AL! 

If any member of an LLC is another company or corporation (there's a difference), then S-corp is not an option.Now, allow me to reframe your position and tell me if this is correct: one entity to hold property and another entity to run business operations.If that sounds like what you were thinking, that is a common strategy.