A rental property is placed into service on the first date that both of the following occur simultaneously: (1) the rental is advertised, or held out as, available for rent, and (2) the rental is in habitable condition and ready for occupancy.Something to examine with your tax professional.

Influencing results for the past month, leasing activity is still occurring at a time when seasonal weakness in demand is normal.

That’s an issue, hopefully it’s not a random cut that was made in accident.

Since her name is on the deed/title everything will be based on the Marital Balance Sheet which will show liabilities and assets.If your plan is to purchase and wholesale the property, there's a slim chance that may occur as I'm sure the ex-spouse will want to know why there is a pending action against the property @Mai Lor

I believe non-local investing should occur after having some experience. 

Hi Amber, I'm in Flag too and just messaged you regarding some more details, but just at first glance I would assume a very clear operating agreement would need to be in place (regarding how repairs/cap ex is split up when they occur, how does one party leave the LLC if they need to sell their share/equity, how are disagreements handled, etc). 

If you are planning to "add Value" and recapture some equity once seasoning occurs, then most lenders will want to see at least 2 years of seasoning to get to the new value. 

Given how much new construction is occurring in the area, AND the fact that students are renting them.

In other words, if someone wants to sue you personally (eg for a car accident or they tripped in your yard or they say you defamed them of whatever) they can generally only reach your personal assets, not assets that are owned by an LLC or other entity separate from you.

[insert feared social, political, or person situation] finally occurred and you've conclude that the US is no longer the place to be.