I’m weighing two options for our housing situation and would greatly appreciate your advice, given the complexities involved.1.Renovate and Buy Another Property•Invest to renovate our current home adding a bedroom to the house given our family outgrew the house.

Better education and training might be one way to improve the situation  Damn, sorry to hear that.

Not to mention scams are so prevalent these days, it's stressful vetting all these companies and making sure my financial info isn't getting into the wrong hands.

They are really the only ones that can give you an accurate answer to your specific situation.

Ordinarily those tenant vacated damages would be too remote, but it sounds like they were contemplated by both parties at the time of contract.Were I in this situation I would be looking to state law to determine if the EMD is truly the extent of my potential liability as a buyer. 

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>>For purposes of taxes, consult with a CPA to confirm this would work for your situation, but you could have the LLC be treated as a "disregarded entity" and thus, even if you and your wife are members, any profits/losses would "disregard" the LLC and go directly on your personal returns. 

@John LasherI don't know your exact situation. 

would love to help, lets connect if you havent resolved your situation yet

In short its complicated:) each situation is different