Depreciation is such a large benefit. 

You may also need to provide additional documentation, such as proof of income and employment, and may need to have a co-signer who is a U.S. citizen or permanent resident.In terms of buying with an LLC, it can be a good option for some foreign buyers, as it can provide additional liability protection and potentially offer tax benefits.

I am active duty military and plan to use the property for deployments/holidays for my family to stay near relatives until I separate in 4 years, then to use that property as one of several future investment properties.

You might "lose" money on cashflow but you keep an asset that will hopefully appreciate in value and you get several benefits other than just appreciation. 

If you are in a decent area where appreciation is on your side, its better to bite the bullet now, hold, and reap the benefits in the near future!

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

A relative who does long-distance real estate investing told me that I have to sign the final loan document and the transfer of ownership document in person.

You won't qualify for an FHA loan and if you've got 25% down, you wouldn't benefit from one anyway.

@Hector Lewis - The decision ultimately depends on your current cash reserves relative to your financial needs, as well as your willingness to reinvest for potential appreciation.

The benefit is that you can take control of the rental while still allowing them to retrieve their belongings.