We live in Southern California but have a lot of family in the north east.

It's hard to answer outright without knowing a few more things about you - but I believe both VA and FHA require you to live in the properties which may become a problem if you need to do extensive repairs.

It seems that if my parents transfer the property to a LLC in which each owns a 50% interest, the default federal tax classification would be a partnership if we do not live in a community property state and the property is not located in a community property state?

I live in Oklahoma and have been investing in Southeastern Oklahoma for 20+ years as a buy and hold investor. 

I live outside of Pittsburgh, and have recently started investing in this area as well as the northern panhandle of West Virginia!

It's only 25 minutes to Lansing, so it may be a cheaper rental solution for people living in Lansing.Don't really know either market, so recommend you compare average rents to determine how likely it is someone would commute.

I live in Coastal Georgia, and stumbled across the Valdosta market last night.

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

I've recently started working for Presidential Title Group and live in Georgia.

And if they are 50-70% leveraged, AND the equity is performing at 5-7%, then most people would be living off of most of that come and have only about 10% of it to donate or sacrifice.