All FHA and VA mortgages can be assumed, but the buyer must qualify for the loan, and the buyer must live in the property.

Are you comfortable with that kind of exposure?

I would not form an LLC in the states that you mentioned, but in the state that you live in.

To give some background, we currently live in San Diego and have 3 children between the two of us. 

We live in an area where prices for houses around around $700-1,400 a sq ft (and climbing!) 

I'm house hacking so I do live in the basement while managing the property but had nothing to do with it and no idea who did.

Live there, I am a REALTOR and negotiated this on behalf of my fiancé, who owns it.

The location defines all long-term income characteristics, including whether your rents keep pace with inflation, the total capital required to acquire sufficient properties to maintain your standard of living, and how long your income will last.There is a straightforward location selection process.

One could very comfortably go 50% leverage for example.     

i would feel more comfortable.