And fly to the area multiple times - if you can't afford to do this I would say someone isn't ready to invest OOS (any potential property issues are going to cost more than a flight, hotel stay and a rental car.

To simply put, property accounting is anything to do with the actual property operating day to day accounting such as rent income and rent expensesCorporate accounting is anything to do with the LLC as an overall so if you pay for gas for your car for business, it will be corporate, if you pay for a meal, this is corporate, paying for business licenses, office supplies, etc.Actually I learned this from him

If this is going to be a limited PARTNERSHIP (you references "we"), then you will have to have a partnership return completed separately and earlier (March 15th) and the numbers will be put on a K-1, which then will be put on your normal 1040 which will be due on April 15th. 

As might be the case in a Flip that needs work or similar.I am assuming that it would be OK for me to do normal maintenance on a rental that I would be holding long term - such as mowing, small fix-it projects, etc..

I think it's important to start with this - is your 250k debt what you owe in principal on the mortgage on your home or is this separate debt (credit cards, cars, medical, student, etc)?

You're like someone who honks at a car for driving the speed limit and then looking away when they pull up to next you at a stoplight.  

It protects it from outside liability (let's say you drive recklessly and kill someone, and your personal car insurance gets exhausted, the suing parties cannot come after the rental property because it is not personally owned by you). 

Quote from @Andrew Kolodgie: “It’s normal to pass your mentors.

Given thatmany tenants will make their car payment before their rent payment, we’ve copied the mortgage industry’s methodof debt-to-income (DTI) ratios.

But to answer you question directly, I would say that 27 is too old to live at home (in most normal situations).