So what alternative means of financing will there be for this house without USDA?

Alternatively, Middletown , NY, a triplex costs under 200,00.

They other alternative is hard money.

I currently own 4 rental properties and want to make sure that i am properly insured. All my properties are insured with All state with a $300,000 liability coverage. I called my agent to get a umbrella policy but he ...

This gives you great alternatives to just staying in your backyard.

A short sale is an alternative to foreclosure.

Profit, loss, and capital splits all have to be understood and come into play when the LLC files taxes each year (form 1065) and gives the partners their K-1 forms.Another alternative is that your parents buy a house using their money and their credit and you manage it for them, for a cut of the rent.

It's a much faster and cheaper alternative.

Please tell us a bit more about what you would like to do with this, so that some other alternatives can be suggested.

Also be SURE to have a well defined written agreement (Operating Agreement) with your partner about who is responsible for doing what and how money will be contributed and extracted and an exit strategy and an alternative exit strategy etc.