I want to know is it more cost effective or easier to purchase the property alone and put it in a mortgage in our name or purchase the LLC from him that holds the property within it.

You are not even scooping your initial investment so your cash on cash return is negative.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

@Lourdes Caballero  I agree with you wholeheartedly that negativity does no one any good. 

.✔ Hire a Professional Property Manager – An experienced property manager can market the listing more effectively, screen tenants, and minimize vacancy, which is especially useful for a new investor.✔ Invest in Professional Photos – High-quality photos and a well-written listing can significantly improve interest, especially in a slower rental season.✔ Ensure All Basic Maintenance Issues Are Addressed – A rental sitting on the market is a great time to check for leaks, HVAC performance, paint touch-ups, and deep cleaning to make sure it’s move-in ready.

Here's some of what we've covered in the last year, almost none of which were a pitch for products:Getting ready for tax timeHow to effectively go through the eviction process in Madison CountyPanel discussion of good and bad tenants and how to handle themExpert discussion on being an effective landlord (four panel members with very different backgrounds and investment types)Mock eviction court.etcThis is mostly a landlord association.

Where I live, we still have a severe shortage of homes--median time on market is still 7 days and it would likely be shorter if not for delayed negations being the norm. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Even the most expensive property managers are EXTREMELY cost effective if you really think about it!

If you stayed with your parents for $0, then you have say, negative cash flow of $1,750.