I don’t buy it but remote possibility because seller is older and not very “sophisticated” at all about this stuff based on our personal experience.

You can both purchase a home together, you don't technically need an LLC. 

With an investment property, sophisticated investors figure out what they want for a GRM, or NOI, or a cap rate, or a cash on cash return, or instant equity, and THEN make their offer based on the numbers they want.

But if you consider the area restrictions and the needed sophistication of the investor it may be considered less ideal for some.

This supposedly covers their operating expenses and the company technically makes no profit.

I am technically only on the hook for ten percent of my income to the student debt.

You are able as a sophisticated investor invest in certain apartment syndication deals, however you are limited it doesnt mean you are not allowed.

I didn't think I was making enough rent on it AND it's in the Louisville area, Jeffersonville, IN technically and I now live 180 miles away in Western Kentucky.

Plus, if your handy, you can generally do work yourself on an owner occupied property that technically you maybe shouldn't do yourself on an investment property.   

@Michael Cummins It depends how technical you want to get.