Payments are to be handled by outside/3rd party escrow (mortgage, taxes, insurance, etc), vendor to be determined prior to close of this escrow.  

Interview a couple of management companies and get their income projections, but definitely be conservative. 

Real estate investment is parking money as equity for appreciation, tax benefit and hopefully cash flow and inflation hedges. 

e.g. absentee, tax liens, probate, compliance issues, or simply overgrown / abandoned.

It is currently operating as a long term rental, but the income would at least triple if we were to convert it to a short term rental. 

@Susan McBride,With your question about rental income, yes it would be rental income because you aren't titling the property over to them until they are able to get their own loan.

I agree fully with Andrew.You are confusing the legal laws under which an organization is structured, which is nearly always dictated by a given state, with the federal tax structure that the entity is operating under, which is dictated under the Feds.For income tax purposes an LLC is most often either a disregarded entity (wholly owned), or a Partnership (multiple owners). 

Compare to the tax returns for some degree of confirmation.

Did they pass all of your other requirements...credit score, job history, income, eviction history, etc? 

What do you plan to do with your rental income?