Hi Kelli,**NOTE - I am not a Tax or Financial Advisor** but I will pass along my understanding. 

It will be interesting to see how many of these investors are still in the business in a few years with the foundations they sadly believe will serve as a stepping stone into the better situated assets you pointed to.

It is important to consult with a legal professional or financial advisor to fully understand the implications of assuming the mortgage and how it may potentially affect your financial and legal responsibilities in the event of unforeseen circumstances such as her mother requiring care.

When you are building a legacy to pass down to your kids and grandkids, asset classes that take multiple forms is critical to longevity.If you were a long-term investor of Blockbuster stock at one time you would have felt like this would last forever but stick to the fundamentals and invest in tried and true methods for the long run.

Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property? 

I wanted my first home as well has asset that will increase my net worth How did you find this deal and how did you negotiate it?

LLCs allow you to keep your personal assets separate from your properties.

I personally don't think these asset classes will ever become a thing of the past.

I was buying in Class C areas coming out of financial crisis.  

Have a witness with you (non relative).You can use a Skip Trace Agent (aka Collection Agency) to locate your "asset" (tenant).