So, now that you got your losses and failures done - and congratulations by the way because I can't think it could go any more wrong - now you can start over.So yes, get those properties sold and do this right this time.

I was hoping I could get some more general information on how this whole process goes and to inform myself on the pros and cons given im a newbie and don’t know much.

Thank you for taking the time to type all of this out and break it down for me.

Typical equity build up time is 5 years, depending on your market.But can you purchase another rental using your own capital?

If the LLC owns a property in a different state, most of the time, the other state will require you register your LLC as a foreign LLC. 

As for not feeling like it's the right time, I would urge you to focus more on the goals than your feelings. 

Monty, take a small amount of time to work on your credit daily.

My parents live out of state and the purpose was to give them a place to stay for an extended period of time and we will Airbnb it when they aren’t here to pay for the property.  

There are ways of buying a property to get around seasoning time requirements.

In both cases I settled with the homeowner to avoid aggravation, lost time, and expensive lawyers.