Otherwise, the LLC (which is supposed to be like a "stranger" to you) is paying for your mortgage --- thats like asking me to pay your mortgage... 

You don't want a stranger just buying into the partnership. 

I could probably rent it for at least $1500 per month so that's a pretty decent return, but then we would have a stranger living in pretty close proximity (small lot).

They are no strangers to 203k loans.

That's an interesting thought, I've heard of them, but TBH I have my hands full with my mom, I wouldn't want to add the care of strangers to my plate.

If you're bored and want to chat with a stranger, then I'm your guy. 

I do have a full time job and baby, so I may be slow to reply, but please don't be a stranger.

Investorinˈvestər/nouna person or organization that puts money into financial schemes, property, etc. with the expectation of achieving a profit.If I'm a grieving widow/family you're coming across as a stranger who knows too much about my business and is attempting to turn a profit off of the death of grandpa. 

I mean in this scenario you get to collect rent up until the very last day, and they have to not only find a new place to live and move out, but also move out based around your timelines and not theirs as well as reschedule their lives in the meantime so that you can bring strangers to view the space that they refer to as 'home'. 

The two biggest clues are the very low rate (you won't get that rate from strangers) and the fast closing (you might get that from a legitimate lender).