I know a house like that in my mother in law's neighborhood some years back.There is is for sale sign on it for a number of months, then no more.

My understanding is that you can hold the LLC anywhere regardless of where the money is made, but when my mother, who lives in California,  set up her LLC for her self-directed IRA (which requires an LLC for real estate) we found that it was a lot cheaper to do it in Mississippi. 

Ended up leaving in March of 2017 to be a travel nurse.

I have a wonderful sister who is a nurse who I have no problem renting to.

So far I have borrowed 220k from multiple family members including grandparents, brother, mother, and father.  

Heres the story...Looking to purchase something to rent out for 15 years, and then have my retired mother live there afterwards.

Perhaps buying a modest duplex and renting out one side while living in the other or a house with a mother-in law suite or house that you rent on air bnb.

Renting by the room works best when you have a "Den Mother"  who resides in the house to keep thing tidy and on course.We have both types of rentals: flats and rooms.  

My father and mother have moved out of town and left me in charge of our old home (the one i've grew up in) built in 1980.

You may need to spend a couple hours every couple months to poke around and keep them honest.I happen to have a mother-in-law in the London area going through a similar move, hence my interest and reply.