This is asking are you properly insulated, do you have correct layering, is your structure correct, are you advised legally, maybe with an irrevocable trust structure, and of course legal fund at parent level. 

Give Ron Vital of Airflow AC and HVAC a call.

Easiest solution may be to just install an additional layer of soundblocking drywall on the existing 1st floor ceiling, but don't know how effective it will be

To me it looks like a little sanding between the layers, waterproof glue, and then clamping.

One valuable tip I’ve already realized is the higher-than-expected property tax on investment properties in the Indianapolis area, referenced by @Victor Tatyanin in a recent post (I was quite disappointed by this, but of course this is vitally important information!)

When you are talking to your sellers, you want one vital piece of information.

Keep in mind, FHA has a layer of criteria that conventional appraisals do not have. 

Luckily, I got a great deal on the place and my numbers include that.So my current inspection tally is looking like:Full home inspection, radon test, tank sweep, sewer scope, moldPest - bed bugs, termiteAnything vital I'm leaving out?

Its another layering of defense. 

You can likely file your LLC in Delaware that adds extra layers of protection and has decades of precedent in the business sector.