Just to give you an idea of what I was thinking, whipped this up in paint.

If the house is a junker  broken windows, leaky roof, peeling paint and no floor covering it won't go FHA.

Best of luck in whatever you choose.

Realty Shares  has a good amount of volume and investments to choose from, including commercial real estate, equity and debt.  

If you are comfortable working with your accountant remotely there are plenty to choose from. 

I’ve gutted the house and painted two coats of kilz, the house still smells really bad.

A 350K property is within the B class generally although near the top and for that reason I would choose the allure.

Owner was living with their ill mother.. they have done work over the years (new roof, new AC, new floors, painted, etc), but I have reservations about the fact that they have owned it so long with no-one living in it.  

LaVonna if this is the option you choose, go for it.

I'm not a lawyer and not giving legal advice  -  I'm not a CPA and not giving finical advice  -  Simply my opinions@Ike MutabannaTo find a lawyer try checking on the Texas bar website www.texasbar.com You can choose specialties such as Real Estate and professionals with an office location near you.My $0.02 on the Series LLC concept  - I read David Willis' books - it seems he likes the use of Series LLC's for asset protection.