This can get complicated if you are racing against time between getting it sold versus the banks take over.Can you get it sold at a high enough price to pay off the mortgage or is the owner under water?

I was just in the hospital with complications with my pregnancy, and am pretty overwhelmed with dealing with that.

They are one LLC and you’ve defeated the purpose if there was one other than complicating your life. 

I think you're making this more complicated than it has to be.

I think its too complicated to make sure you are always using the right card and bank account for the right property portion.

This is overly complicated, but I see why you're doing it. 

The same laws apply, you use the same lease agreement, and you advertise in the same places: zillow, realtor.com, apartments.com, furnishedfinder, zumper, etc.Please don't let this unnecessary, made-up term confuse you. 

This gets complicated and we have to optimize the  FICA/SE tax-saving vs income tax saving via retirement contribution. 

Insert a rollover clause for an additional year in case you need a bit more time to get financing.The lease should not mention the option, and the option should not mention the lease--if things go sideways, you'll be able to part ways with fewer complications.  

If the repair is to large or the problem to complicated to fix easily I would drop out of the deal.