I pay her mortgage over that time, she gets to write off depreciation and capture the equity.

We have numerous rental properties,  but since  it is a high end home, and eventually our own home  we have reservations.We have to make some decisions on this quickly to define financing and capture the rest of the peak rental season so quick feedback is appreciated. 

Essentially we've just captured their email address but don't have any relationship with them (yet). 

I would suggest you use a tool here or develop a spreadsheet that will capture all expenses and income and then calculate income based on lending terms, down payment, immediate out of pocket expenses, and closing cost.

Just curious if I can reduce my personal tax liability with the purchase of a vacation home, or if I should just treat this the same as my other LTR investments and capture everything under the LLC. 

Ideally traveling before the end of the rehab ensures that they take acre of details that sometime the camera does not capture.

If you'd like to participate in the hot Austin area market, while capturing cash flow *and* appreciation, consider this strategy. 

If you do own the land, and it is a manufactured home on land you own, this is different, and you have the opportunity to have appreciation that you capture, as opposed to appreciation that is captured outside of you favor in the way of increased lot rent. 

@Phil DuChamp  Exactly I guess it depends on the definition because I have seen some they advertise as B that are very clearly C areas   LOL@Chris Clothier  As a over 35 year investor in Indy I can say that my experience indicates that in the current market there is no way for one company to capture that many good opportunities in one year in this market @Ross Denman we are also a Property Manger  in Indy and have had the same experiences as you have had with their buyers.  

Comedically, he was captured when he went to a heart doctor while he was on the run to have his pacemaker checked.