It has the option to convert the basement into a bedroom as well since it has an evac window, it makes it particularly appealing as it also has a separate closet and full private bath.

To protect him, we got an extra $2MM in a separate umbrella policy.  

is FHA a separate application process?

How would you recommend I manage my real estate profits, should I open up a separate checking or bank account?

I need some advice.I’m in the metro detroit area and I’m looking to purchase this multi family property that only has one furnace for both units, water and electric is separate.

One aside that I would note is make sure you separate and classify expenses as general maintenance vs. capital expenditures.

Until a date is set and you have leverage to make it happen, don't expect the stuff to move.You need to get that leverage, and that's going to come with either your next lease agreement or a separate agreement because you incentivized them.Personally, I'd just tell them what's going on, offer to pay for a year of storage (instead of buying a storage shed), and try to get them to vacate the garage. 

Or would there need to be a separation where the $200k 1031 money is kept in my name, and the $100k mortgage is kept in my wife's name?

I should have spent more to soundproof between units and separately meter the basement unit.

I was shocked when my (California) attorney STRONGLY suggested that we need to have a separate LLC for each property we have.