Creating written documentation on how to recreate this process (training manual).Side Note: This individual is familiar with clerical and accounting software type of work, but not necessarily property management. 

Hard money is just a term; HARD is just the Asset “the property” is in “physical object”.

In terms of asset protection, I firmly believe it is worth separating your assets into different legal entities.

At those numbers this property becomes a liability, not an asset.

My income is $140k gross (software engineer), my wife currently stays at home with our child, but could go bring in $30k-$40k if needed.My question is if we put the $150k down (with $100k via a HELOC), rent out the back, and do some airbnb ($100-$150 in the area) with the extra rooms in the main house.   

Don't have any assets in it yet, but should I use it to have the owner sign the lease with the LLC rather than me?

@Joshua Marriott -  What we found is that any company or software that is selling lists tend to be outdated. 

In most cases dead equity will turn a asset into a liability.

Banks were holding worthless assets without cash to back them up.

You would be selling the Company with the property as it's asset.