Unfortunately, unless you see the underlying financials as well as supporting data for those financials, you do not know whether there actually was cash from operations to pay your distribution or not. 

Why not protect the growth of your investments?  

I have heard that it's a good idea to form an LLC as an added layer of liability protection.

When starting out in wholesaling real estate, it's important to use agreements that protect all parties involved while ensuring a smooth transaction process.

It won’t be privacy, it won’t be asset protection.

If you do have to move because of a job, you would be safest (in my opinion, i am not giving legal advice or financial advice), i would sell that property to ensure that you did not just purchase with the goal of moving out early and taking advantage of lower rates and lower down payments for purchasing your home as a primary residence. 

I know that the general guidance is that emergency funds aren't to be invested, but given our financial security and the fact that we already have a personal e-fund in a safe, non-volatile location, would it still be crazy/unwise to invest this 15k in an S&P500 index fund in a brokerage? 

I would think in most situations the original owner is in financial trouble, probably delinquent on their mortgage and facing foreclosure.

A professional property manager should handle the heavy lifting, ensuring your investment is protected and profitable without adding stress to your plate.

I will provide more information later.The two main setups are:1- Holding company in Wyoming if I want Charging Order Protections advantages, then a Series LLC in Kansas holding my Kansas RE and another Series LLC in Missouri holding my RE in Missouri.2- Holding company in Wyoming if I want Charging Order Protections advantages, then form as many LLCs as I want inside of it, one per rental or one LLC per 2 o 3 rentals.Fees are pretty reasonable and the same as they disclosed before the appointment, on their website or youtube videos.