For separate entities I use separate files for each entity.

Should I buy it and take  500-600 less profit per month knowing I can sell it for a large profit as is or even more if completely remodeled?

But, since I'll be there for at least a year, I've considered buying a live-in flip house to remodel and sell or rent later.

If you continue filing taxes jointly the income you realize from your separate property will still need to be explained and redacted, regardless of the type of entity holding the real estate.

I'm going to reiterate what's already been mentioned above, but I'm going to actually give you examples of why it's relevant to you to find a U.S. tax professional.1 - You're going to need to file U.S. taxes once you have property down here, there's federal filings, state filings, and sometimes local filings too2 - Tons of tax treaties between the U.S. and Canada that are easy to miss and can cost you a lot of money (important one with rentals - effectively connected income - if the professional you talk to doesn't know what this is, run away)3 - The amount of days you spend in the U.S. needs to be tracked and if you go over a threshold, all of your worldwide income could be taxable by the U.S.4 - Selling real property means up to 15% of your sales proceeds might not be available to you for years (FIRPTA)5 - Lots of nuance at the state and local levels, which both want to take as much money from you as possibleMain takeaway here is that you should find a U.S. based tax person.

House hacking our basement as our first investment, we have remodeled and redone our entire basement and now getting ready to rent out.

The short answer is: file form 1099-NEC. 

My experience so far has made me regret my decision for TrueBooks to file my return.

So, I talked to the current tenant got her bills (I knew how much they would be roughly since I had a rental up the street I was remodeling to get on the market).

I have an LLC do I need to file this form to the IRS?