I'm glad you have an umbrella policy for the first 10, but when you own them in your own name, a loss in one property can spill over to the others, and personally.

The property must be entirely owned and managed within the IRA, with all income returning to it.

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

My wife and I did this on our own.

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.

I have heard 1) That the buyer can just be added as additionally insured on my insurance. 2) That I can be added on as additionally insured on their insurance3) That I need to hold my own insurance and the buyer needs to have their own as well. 

The property I'm selling has about 150K mortgage (250 ARV) and own another rental (230K (ARV) free and clear.

But each LLC should have it's own bank account. 

So, you can put them in an LLC that you own 99% of and your wife/partner owns 1% and put all the properties on a 1065 Partnership return.If you have enough insurance, the proper coverage and avoid "dumb" mistakes that void your coverage, you don't really need an LLC.

I saw a notice on the door from the city and I tried to get some info on the owner but it looks like an investment company has owned it for several years but no one has been in there.