My husband and I have an opportunity to purchase a single-family rental portfolio in our out-of-state investing market that is owner-financed.

An LLC is just an entity you use to protect yourself against liability.If you have the opportunity to buy in your backyard, I would.

I'm located in Woodstock but will consider other areas for the right job. 

It makes her job more difficult and you could lose  a few thousand because of that.  

Everything is a balance of looking for new opportunities and not getting shiny object syndrome.

I am also making calls and looking for opportunities where a seller might consider seller financing or a subject-to arrangement if the bank owns the property.

That's not a cheap price and I would imagine one would have to have a pretty decent job even in NJ to qualify, and that it would be a nice area and nice house.

Working on an opportunity to acquire a property with an existing FHA loan. 

I assume that is where a good portion of the variance is coming from.Great job diving into the numbers on the properties as that is always good practice and allows you to better understand what numbers you want to input on the various types of assets you explore investing in. 

Is it smart to have your job, all your real estate, stocks and everything in one single country and at the whim of a single government?