This home was purchased with FHA and will be his primary residence.

You can do so with a cash out refi on your primary res if available.

"No check issued".) 2: Would it behoove me to achieve my write offs this year (the year I need them) and quitclaim the deed from my LLC. to myself, converting it into a primary residence down the road (adjusting my basis with the improvements and repairs) and only allowing potential litigation to attack my free and clear title for this short period of renovations vs. the life of our occupancy at the property? 

Not a tax advisor, but generally pretty simple.Once you take a member draw into your personal name (post-tax), you can do whatever you want with it.If you're buying RE in an LLC, I'd be sure to keep them in a separate LLC from your primary income earning activity that produced the cash.  

They tend to come to us looking for an Airbnb investment, realize they can't do it and then opt for a primary residence in which they can do this on the side.Anyway, good luck with whatever path you choose.

I would leave the turnkeys to us unfortunate primary market residences.

I will however be inheriting 3 multi families (once probate is finished). my wife and me are buying a short sale to live in as a primary residence, well it needs to be approved my the bank 1st. we currently have 1 quote form a mortgage lender with my current state of assets.my questions are 1. 

My primary goals is to create some passive income through rental properties, either single or multi family homes, to start building wealth to secure my financial future and stop working full time to have more time to pursue my passions and enjoy life with family and friends. 

My question is- am I better off continuing to save and buy something bigger/better later down the road OR do I jump into this as a temporary primary residence and future long term rental? 

I’m selling my primary residence (I’ve switch my primary residence Back and forth between my 2 Homes).