The renters will contract with and pay rent to the management company (not to us).I would like to protect the property and my personal assets from any legal risk from renters.if we use an LLC to manage that risk…1) Does our property need to be in an LLC or can it remain outside somehow2) What role is the LLC business performing (is it also considered a property management business and thus require a real estate business license in some states)? 

Karina,I recommend finding a financial advisor who specializes in working with real estate investors.

Good for you - careful financial analysis of each deal is critical.

You and your fiance can do it together over and over (as long as you financially qualify and fit the guidelines)Hope this alleviates your concern!

Contact Mom, let her know she continues to be financially responsible for the premises as long as he continues to stay there. 

Don't just settle for a 0% return, that's like buying a fancy car with no engine—it might look good, but it ain't gonna take you anywhere financially. 

If you're running a regular LLC and the most you'll do is 1031 exchanges, then it might not be the best (financially speaking only) way forward as you don't need fancy advice.

It takes reps and reps to do, and generally having a commercial specific calculator for the assets you are looking at would be helpful. 

Always weigh the pros and cons of each option based on your financial goals and circumstances.

The last financial advisor told me securities based loans are close to a conventional loan's rate.