Yes there might be lenders who would still give you a loan but it will limit your choices.

Talofa Lava or Malo lelei @Junior Finai - Sounds like you have some great experience that will be incredibly beneficial to you as you get into long term investments.

Is this idea potentially feasible and beneficial?

I think if anything, what some others have noted above would be a bit more beneficial.. maybe notify them of a discount on that month's rent?

Vernon is not the most logical choice in the area however, We are nervous enough being our first property, keeping it close to home so that we can learn how to be managers and owners at the same time brings us both much needed comfort.Going forward, after we are comfortable with this unit we plan on focusing on the Indianapolis are since our daughter and her family live there.Again, thank you for all of the time that you have devoted to this property.

@Ahmed Youssef  It is your money and your choice, but why would you buy something worth $120K for $129K?

Armadillo seemed the best choice at the time.

I would say that's a choice and depends on your strategy - I would not be happy if a property I bought ten years ago is worth the same.

There are probably some uptight agents out there that would hold you to that agreement but if not's not working out it's usually beneficial for both parties to go separate ways at that point anyway. 

You could later assign the beneficial interest to another party (the LLC).