Conventional would have one appraisal but may still require the documentation of value increase.Here are some examples of advantages of FHA that are not allowed with conventional financing:- FHA counts Alimony as a reduction of income rather than a monthly obligation which is what conventional financing would do.

Next, the land trust has to be set up correctly with the proper language as to the trustee and beneficiary(ies) duties, obligations and ownership.

If the answer is no, would she have to form a corporation or other business entity for that rental property in order for her to be accepted as a client for a property management company. 

How do I check that you didn't do one of a thousand other things to obligate the LLC to some debt or credit?

If I were you, I would get a job as a staff accountant, either for a CPA firm(if you have the temper-ment)  or an industry corporation.

And then I choose absentee owned excluding trusts and corporate owned properties.

However, in this scenario I’m still named personally on the loan which, according to my attorney, exposed me since loan payments will be made to my personal loan from the LLC (corporate veil pierced).

If this is all true, then your use of funds might be better in RE, if it's not, well, you may be paying the loans longer....The rate you pay on your loans isn't really like investing in another investment as that is costing you with after tax dollars, your RE deals need to net more to pay the rate and principal reduction.If your obligation is 1,000 and it's more than 10% of your income you need to get the loan paid off to be in a position to finance properties.

I can fire the pm but the problem is the contract include a language that says if I fire the pm, I am obligated to pay the commission fee for the remainder of the lease (there are 10 months left under the current lease.)

If instead, it is a limited liability company that is the business and enters into the contract, it is the LLC and not you personally who is obligated under that contract.