No firsthand experience, but every time I've seen this question come up the responses indicate that for a few small units LLC will not protect you better than simply adding an umbrella policy to your insurance while being more complicated and expensive to maintain.Also many snags to consider such as banks not likely to finance residential property to the name of an LLC, transferring to an LLC later can trigger a due on sale clause in your mortgage, if you mix personal funds and LLC funds to pay for something you can negate all legal protections.

A proof of funds letter would be from someone's bank or IRA account proving they have enough cash in the account to cover the offer price.

You might also have a problem finding banks willing to lend since there usually aren't very many.

@Brian Quigley  Typically if you are not looking for bank financing your progression would be private individuals then hard money.  

(Had to make special arrangements for them to accept a cashiers check with escrow acct info on check and got deposit slip from bank officer after verifying account with escrow company, I almost backed out of deal and it would have affected two other contingencies).I have other questions in regarding the escrow process which I found unprofessional .

The banks are unwilling, or that would have been my first point of thought.

Would you explain more about how you are getting 12% in Augusta, GA? 

I use Centennial Bank for my commercial loans.

DTI= $55K/$108K = about 50%From reading, it seems to me that part of the reason banks take 25% off of the gross income is to cover for PITI, so it would seem redundant to count it again as in example 1 above.

You will be paying more initially on a "double mortgage" - one to her and one to bank but it would make you both money until you have enough capital to do it without her.