There's plenty of money to be made in the deal as it stands. 

Between the annual reports and filing fees, and also the overhead necessary to maintain separation of assets so the corporate veil isn't pierced, the cost-benefit just might not be there.Might make the most financial sense (and most streamlined) to run her as a sole proprietor (Sch C) and carry appropriate and adequate insurance, which you should be doing anyway with an LLC. 

-- as though I want a deadbeat whose own family can't   stand!  

I recently discovered bigger pockets and have listened to a lot of financial freedom audiobooks.

I agree it’s not that great but it’s not a pure financial loss either (it would become only if you lack sufficient liquidity to operate the asset as planned over the period).

Others want to see the property's income numbers for valuation and then borrower's financials.  

While we will not make money, we can stand proudly behind the finished product and someone's home.Entry/Living Room:Kitchen:Bathroom:

If you are a serious investor, you need a good lawyer to setup the correct structure for your current financial situation. 

Next time you form an agreement consult with an attorney so that you know where you stand from the beginning.

I would assume the bank wants some type of financial history for the LLC to even consider offering a mortgage.