We have a CA LLC (H3 Properties) but need another LLC for a partnership STR investment on the East coast.  

I want to put a home on it, it has utilities running to the property already.

You could sell the properties with the problem debt instead?

As a screening tool, I ask for proof of funds before we bother a tenant and show the property. 

Rehab projects are great and they give you the option to sell and move on after completing or to hold the property as long-term rental to generate some extra income.

Google MapsGoogle Maps is a fantastic and free tool for scouting potential properties and understanding neighborhood dynamics.

Instead of using your personal income, employment history and DTI to qualify, a lender would look at the income or potential income of the property to make sure it cash flows after taxes and insurance are accounted for.

Purchase price: $70,000 Cash invested: $70,000 Bought a piece of property with 2 houses on it.

Also see if you can pull up rental  and sold comps in the area using Zillow and Redfin and you have to give a   margin of error in their estimates and see if property appreciation is there for that area in case you are thinking of building equity.

You can't see properties now without an agreement so if you haven't signed one, it doesn't matter who sent it to you.