Fix and Flips are a lot of work for a few bucks and it creates short-term capital gains. 

Here's reasons why-https://www.biggerpockets.com/renewsblog/2013/08/1...In short though, I don't see a benefit to an LLC for one property that would cover anything more than an umbrella insurance policy would, and umbrellas don't bring all the drama that LLCs do.

Family members will usually work it out, especially if it is short term.  

I invest in long and short term rentals in my area. 

It was a short sale.

Life is way to short to not have importance. 

I'm not suggesting using a short-term, HML, for a hold product. 

Then when they do hire a PM they are experienced enough to never fully trust them and will keep them on a short management leash.

The number of missed payment is the biggest hit to your credit, but an actual foreclosure or short sale is another hit.As to financing again later, at least fannie mae treats a BK followed by a foreclosure as "One event" being the date of the BK discharge. 

Long story short, I encourage you to consider that area and also be aware that comps are very difficult there so make sure the numbers make sense.Hope that helps!