I have done extensive research in the risks, how to structure such deals to mitigate those risks as effectively as possible, and legal considerations of each strategy. 

Yup, property condition, vintage, neighborhood, tenant base, property management are all very important considerations. 

Another draw back is short term your expenses will be higher because you are paying the mortgage plus paying back the loan but that is a short term draw back until the loan is paid back.How it works: I have experience with my wife's company and mine, each is a little different. 

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

He will be taking a leave of absence for the  year.Given the unforeseen nature of his health condition we would appreciate your assistance and consideration in addressing this situation.

If you’ve yet to build up substantial credit in the U.S. you can apply for foreign national specific loans that don’t take credit history into consideration when qualifying as in some circumstances you can get better rates and terms applying as a FN when your U.S. based credit history is in it’s infancy.

If she lives rent-free, you retain control of the property but lose the ability to claim rental-related deductions.For long-term planning, consult a CPA and attorney to ensure compliance with tax rules and align ownership structure with your goals, including potential conversion to a rental or estate planning considerations.

Expenses are about to go up considerably.

I am actually doing a flip right now and hard money lender isn't the easiest to give us a loan for the rehab (draws verse pulling all at once, which is normal).

Yes a partnership tax return will probably run roughly $500; however, it ensures everyone is claiming the correct amount and not drawing the others for audit.