Until you actually file something, you are free to ignore whatever structure you set up.  

Keep in mind that the $625,000 pulled out is non-taxable because it technically a lone and actually has tax benefits.

Rehab must cost more than the purchase of the building.This was a layman's interpretation of the actual rule which is:The qualified rehabilitation expenditures exceed the greater ofThe adjusted basis of the building (and its structural components), or$5,0002.

Actually her SFR just got rented out.

It’s written for young aspiring investors just like you.I’ve actually read that!

Make the first buy and easy win.To your actual concern.

I have some more reading to do but if I understand correctly I will assume title under the Ladybird Deed and can just continuing paying the mortgage from my parents current mortgage yet not actually "assume the mortgage" and not have it impact my eligibility for a future FHA financing.I may have awkwardly described what may be the strategy. 

What you can depreciate is what you calculated ($94k) plus whatever you actually spent on improvements.

Advice on who I should talk to, to see if this is actually a deal worth looking into?  

@Alexandria Garreau   if this is actually a property in Ontario I think you have rent control there correct?