Hi Thu - Congrats on your first STR purchase—so exciting!

I purchased the property from the Shelby County Land bank. 

@Jason Khoury I purchased my current residence, a duplex, from a local non-profit about 5 years ago.

Have you guys ever purchased a property without physically seeing it?

I'd also like to try to purchase with a land trust or my LLC. 

It may not appear this way on the surface but you are going to come out ahead by focusing on purchasing fewer but quality assets rather than becoming a door accumulator.

If you had good credit (670-730 range), you have 20% to make a down payment, and sufficient income to qualify for the home you want to purchase - Would you choose the FIRST-TIME HOME BUYER or CONVENTIONAL purchase option...which would you pick and WHY?

Quote from @Victor Yang: If I gift a house, what amount will go towards the lifetime gift limit, the amount i purchased the house for, or the current FMV?

With this being your first purchase, you may want to consider a property that's not being sold at auction. 

Look for your states offer to purchase contract online or contact a realtor to get a blank copy. review the agreement to be sure assignment is not expressly excluded. if there is nothing excluding assignment from the contract then writing the words "/And or Assigns" after the name or company's name on the buyer's line should be sufficient.Good luck!