@Danielle TranI am a loud critic of transferring properties to LLC’s when it is residential, but for commercial properties I do recommend those be held in a LLC.I would speak to you accountant and an attorney in regards to understanding the tax consequences as well as the attorney regarding liability of the commercial property.

I’m 22 and was never really involved with out of state affairs so I’m just trying to get an understanding of what happens after things like this.

Recommend you hire a real estate attorney to assist you in understanding why the property management company shouldn't and doesn't have to share confidential application information with an owner.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

Based on the policy, I understand that. 

It is more of a pain but I understand DC is pretty tenant friendly also. 

He needs to understand you are buying one of two things- his business as a cash flow entity OR the property (retail) with two trailers (wholesale). 

The general understanding throughout the industry is that 2 tax reporting years meets this qualified use rule.

I understand that you could also keep your LLC and have it placed into your revocable trust without dissolving it.

I have some more reading to do but if I understand correctly I will assume title under the Ladybird Deed and can just continuing paying the mortgage from my parents current mortgage yet not actually "assume the mortgage" and not have it impact my eligibility for a future FHA financing.I may have awkwardly described what may be the strategy.