Also there's generally a statute of limitations for a breach action, if you're outside the time the suit will probably be barred. 

I know the absolute basics of the available structures and from my, admittedly, very basic understanding I would probably be best suited to investing through a LLC or perhaps a S or C Corporation.

I would recommend speaking to your CPA as depending on the type of investment, a different structure may be well suited.

My goal is to purchase this house for myself and S/O and ideally keep my current house as a rental, and continue to purchase more rentals. 

The criteria I am looking for is as follows: 1-4 unitsAsset value or ARV = $100,000 or lessLoan at 80% LTV, so $80,000 or less (could do 75% LTV)30 year fixed, IO available (can discuss) Rentals, ideally fully occupied at refinanceNo seasoning requiredOpen to portfolio loansI am covered on the higher end of this ($100,000+) but need help on the smaller end.

There are only a handful of lenders that do such non-recourse loans for IRA owned properties, with First Western Federal Savings and North American Savings Bank being at the forefront.If one of these banks will not lend or at least not on terms that suit your needs, you would need to seek out a private party to act as lender. 

Jacqueline, 35205 would be one of the most ideal areas to do that. most of the small multi family deals happen off of the MLS, and when they do come on the MLS they sell immediately. 

The bottom floor has the master bedroom with a en suit bathroom and the top floor will have two bedrooms and a shared bathroom.

The roofer incorrectly cut the internal roof drains while putting on a new roof, we consequently had four separate commercial office suites flood out.

The good thing is you will have insurance and a mortgage -so you will have some protection against law suits.