I feel for these people who can ill-afford to lose money to scammers, but they need to think through the situation better prior to paying anyone.  

Because it would be one sale and you would have lived in all of it for 2 out of the 5 years prior to sale. 

We live in Ohio and both have prior real estate investing experience, but this is our first business venture working together, and would like to set up our LLC in Wyoming. 

If you examine the data you'll be able to see if rents in your market have rebounded since then or are they still depressed . 

However, if you are purchasing the property subject to the loan, which is an FHA loan used for primary residency, I don't see a title company working with that unless the loan is paid off prior to any improvments made to the property.

We went from a 2 bedroom 1 bath home on a little under a half an acre to a 4 bed 3 bath home and an extra building the prior owners called the "pottery barn" that sits on 2.5 acres in town.

Make sure to think the entire process through as it may be more advantageous to to it prior to or after the purchase of the other property for your brother.

I waited till 29 when I knew my whole adult life it was something I wanted to do but always thought I needed more money saved or that I couldn’t afford it when realistically I could’ve done it several years prior at a much lower price and interest rate as well.

Similarly, I thought I would be able to have a more intelligent conversation and ask the right questions if I had some knowledge prior to my first consultation with an attorney.

The only tenants that have given me any pause have been a couple of units that I have rented to extremely young couples with no prior rental histories.