HOWEVER; they cannot obtain financing (it's a non profit and they don't have ability right now to finance) They want me to keep in my name and they will make payments for the next year, and do all maintenance, etc.

My particular interest is knowing if an LLC is required for using the funds for non-debt investments. 

If you typed in the cities - people with those cities in their keyword alerts would come to this post and look to help you out.Biggerpockets also has a local market section - here is a link to the Idaho sectionhttps://www.biggerpockets.com/forums/555-idaho-rea...There are different tax strategies for owner-occupant investors(section 121) and non-owner occupants(1031 exchange).

this option fee is NON refundable - i would recommend 3-5% of the purchase price -  if they currently have a security deposit (which i assume they would) then you can also convert that to part of their option fee when you redo the contract / agreement with them. 

I’ve got a general idea of what I think painting and cleaning would cost but I wanted to see if it was in line with reality.

@Andrew Dodds, the way I read what Amber and Chris wrote, you could treat your $181k remaining VA entitlement as if it was a HELOC (like having existing equity), which should more than cover the required deposit that you might need for your next $500k home.Of course, your Non-VA Lender will go through your Debt-To-Income Ratio with a fine tooth comb, so depending on how much Rent they allow you to allocate towards your income, you could be good to go!

My goal was to clean up some of this paperwork since I had four LLCs. (1 LLC partnership for rentals, 1 S-corp for flips, 1 for SD IRA, 1 C-corp) I am closing the C Corp. so now my LLC partnership will show up on my personal tax return on schedule C or E which I do not want.  

I doubt that it's enough time to make all repairs, get the appraisal and we get processed for a non-recourse loan (we are pre-approved). 

In other words, if the tenant moved out April 20th without paying any rent or cleaning the unit, you could submit all the documentation to a collections agency and let them go after it.

I know of a lender that has programs catered specifically to non-owner occupied properties for real estate investors like yourself.