And ensure to not intermix the business and personal between the two. 

I'm willing to help this person in any way I can.

Does the LLC file its own tax return, or do you report the activity of the property on your own personal tax return?

Does someone have experience buying a foreclosed property and keeping the existing person/family living there and converting to a tenant? 

I'm willing to help this person in any way I can.

My wife and I own it together, but i may be able to buy her out and keep it as a short-term rental without spending all my personal capital.I’m looking for advice on financing options, buyout strategies, and any creative solutions others have used in similar situations.

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.

@Mark Towey I don't "farm" areas personally, it doesn't really fit the niche I'm personally going after, but what I have heard from some major agents in my market lately is that farming is not near as productive as it used to. 

I can do the parade of horribles for a personally owned rental property but suffice it to say that it is a long and robust parade and the horribles are horrible.

Fund and Grow does ding your personal credit, and those inquiries will be asked about by the mortgage underwriter.