The LLC aspect is more for liability reasons if someone was going to sue you (so maybe you create the LLC when your son moves out).2) Like #1, a separate bank account will make it easier to track, but it's not required3) No, he can't also be the property manager.

An LLC shields personal assets from business liabilities, while S-Corp taxation allows you to reduce self-employment taxes by taking a reasonable salary and distributing remaining profits as distributions, which aren’t subject to payroll taxes.

I really want this property for so many reasons and don't just want to just walk away.Yes.

Stating that they are using the mortgage of the investment property as a reason because it would put me above their threshold.

Not the intention, just being very direct here: I am not going to show those numbers for 2 reasons.1) if I did ( and I would blow you away if I did), it would only cause people to misunderstand what I am trying to teach and 2) I don't have to show you or anyone anything.

Only reason is I know I’ll get it back and I don’t need it right now because I’m living with my parents.

I try to find their true reason for selling early on.

People going to the university for whatever reason? 

Is it reasonable to ask them to run a report on rentrange for all the properties you are considering? 

There is a reason that even if you are Curry or Lebron, Coby or Jordan, as great as are / were, they are still in the gym, day-in and day-out, working on the basics to their last day.