@Brice Alef-TorrisiHaving one checking account per property is an excellent way to keep your property finances separate from one another and your personal finances.

I warn people over and over and over to know what they are buying and to go personally see what they are buying. 

As someone with a managing broker’s license, I know how rewarding it is to guide others through their real estate paths while continuing to grow your own investments.

Point noted about not being able to underwrite without seeing things in person.

So I wonder if I can sell my home in Idaho, purchase the new one under my personal name, then how many months or years must pass before I can setup an LLC as the owner of my primary residence, or if you think that will be a good idea? 

Quote from @John Friendas Quote from @Patrick Roberts: If you are on the note or personally guarantee the debt, then it will affect the liability side of DTI, regardless of whether the lender reports the loan on your personal credit.

Personal guarantees are EXTREMELY common.

The property is insured on your behalf, personally. 

Would a HELOC or home equity loan on my personal home be a good idea to fund this?  

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.