In preparation for this move we have taken a financial audit of our circumstances and see that our 401k (I have the only account now, just shy of $100k @ 40 and my wife has just begun to contribute to her own this year at 33) will not get us where we want to be in 25-30 years.

Put together your Financial  & Dad's Financials and start talking to Lenders.

I have students that when they get their financial aid at the beginning of the semester they pay for 6 months of rent.

It just depended on the experience and financial strength of the sponsor, the length of time the asset was owned prior to the crash, and the leverage used.  

But whether or not the property qualifies is another question (as well as your personal financials). 

It's easier to look at a situation when one is not financially tied to the property, and the others on this thread are dead accurate.

Then I hired a “big” PM firm- which was a pure disaster- the permanent turnover of the staff, skyrocketed repairs.

The best description I've found for, and argument for using, the SCOR document is from the Washington State Department of Financial Institutions.

For the LLC, if you are using Hard Money or some sort of lender, they'll want financials for all members over 20% owners.

We also househack a duplex (best decision ever financially) but will most likely buy another property and turn our side into an Airbnb.