Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

Is it easier to acquire a loan when we already own that asset??

@Jon Frederickson - It sounds like you know what you're going to need team wise, and your experience will be a great asset. 

You need to find a distressed asset to add value to property and refinance your down payment out.Focus on your local area to do the value add play.

If nothing else hopefully you can break even for now and in the grand scheme of things the tenants will pay it off for you and in 15-20 years you will have significant equity and a good cash flowing asset that will help you retire.

They may want to know if you have any assets and verify those. 

It depends on the area and asset. 

I fund a ton of distressed assets as a lender and have for going on 4 decades.. so I see the HUDs.. its not my place to get involved at that level.. but its reality.. wholesale really has double commission if not more not less.

You may not transfer, sell, or gift an asset you own personally to your IRA. 

As far as fix/flip vs renting out, you have to decide if you want to make money off of this now (flip) or hold and keep an asset that may not bring much money now, but will grow in equity over time.