Unfortunately, conventional financing (Fannie/Freddie) does not allow gift funds to be used when purchasing investment properties, even if the funds are from your spouse.  

Yes, unfortunately, the climate for real estate investments in the UK is on the ropes.

It's certainly a creative way to source motivated property owners, but it can also lead to manipulative tactics/practices from others by utilizing their unfortunate situation, leaving a sour feeling in my gut. 

Because you are living rent-free, have no housing payment, and no management history, and are buying this as an investment, you will not be able to count rental income to help you qualify, unfortunately. 

I believe that it has to be OO for 12 months, barring extraordinary circumstances, like getting transferred out of the area for work.FHA has a whole department dedicated to "occupancy fraud" and given that it's a felony, I'd steer very clear from it.

Unfortunately in SD $55K won't get you into a flip, you'll need at min 20% down for a hard money loan and then reserves as well.  

Unfortunately I was told they are not the same category of income so they don’t offset each other. 

unfortunately it's bound to happen that you get a bad guest. 

Lenders may have specific requirements or restrictions for loans to LLCs, so it's essential to consider how this might affect your future financing options.Before forming an LLC, it's crucial to consult with a qualified attorney and tax advisor who can provide personalized guidance based on your specific circumstances and goals.

Unfortunately, most people in that position don’t care about what our own personal situations are, they’re interested in their own ends.