Since you are new at this, I recommend hiring an attorney so it's formal, objective, and legal.

I am also starting formal learning for RE license exam.Wanted to request some assistance in knowing good / emerging areas for my first investment property (3/4Bed) costing 100-300k with decent possible cash flow.

You would have to formally approve the formation of the subsidiary or subsidiaries and document such in the corporate minutes of the holding company. 

Do you think this is too formal? 

Then have her formally make the request.

Again assuming you want the LLC for asset protection, It won't do any good without the proper formalities.

In single member entities the vial of the entity will be pierced in court, especially if the formalities of maintaining the entity are not followed.  

I would highly recommend reading as much as you can and maybe even get more formal education.

@David C Heiling there are several rules to having a formal "second" home loan....I would certainly double check with that lender to make sure they can offer such a thing right now though....but it doesn't sound like you are violating any of the rules here.  

Due to the long judicial foreclosure process in NJ its entirely possible that the person lost their house 5 years ago when prices were lower and the economy was weaker.