Financing: I'm confident I can put $10,000 down as a down payment within the next year.

A prudent investor doesn't seek quick riches through shortcuts.

However, with the disclaimer above, I'll, for entertainment purposes only, provide some thoughts on rents in the US for the next few years. 

There are a lot of options out there.Some of the most useful items BiggerPockets members have identified are features that save time so they can spend time working on their next property.

What are you hoping to get out of the extra time, work and costs of having the LLC?

Drive around the neighborhoods to understand the lay of the land - if you have someone who will take you around and explain, better yet. 

You can verify us through the following link: https://nmlsconsumeraccess.org...Our Lender License is issued by the California Department of Financial Protection and Innovation.

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.

Also, are you planning on going through an LLC?

They have a first post restriction, but they have VAs monitoring that before it gets to moderators first and they just let everything through.