if you only have enough for one project at a time, and that project goes south... you're taking the property back and trying to sell it.

@Jose AlonsooWhen there is a lien on a property the title company must pay off all other debts tied to the property… so they will not distribute those monies to you.  

We currently own 2 long-term rental properties and are looking to add more.

@Ann Marie Folan I live in the area and am in the process of looking at picking up a second home to use as a rental property. 

I need to transfer a property from my sister to my LLC.

its called a Hypothecation.. quite common..

The 27.5 year depreciation schedule is for a residential property improvement as a whole.

Myself and family truly loved the property and house; just want others opinions on if this may be a mistake to proceed, or does this appear common practice for the age and location (upstate New York). 

KISS(Keep it Simple..)Reasons1) What are you getting in return for living in the property?

My goal is to buy and hold a property each year.