I chose to start with SFH just because I felt it won't be overwhelming and with it, any mistakes I make won't be that fatal.I am based in MA and looking to invest in MA and neighboring states as NH, RIOne other question I have is - what does it mean to get my finances tied up and ready to go?

Tenant cloud is probably the cheapest option out there.

You can partner with someone, one deal at a time, and see how the first one goes.Values based decision making, make sure your goals and values align with your partner.

I was also told that the LLC interest has to be divided based on the capital contribution and cannot be divided based on the work, for example it can't be a 50/50 partnership if one puts all the money and the other does all the work.Any additional insight or leads would be helpful!

I have tacked on the difference to her March rent with no other option besides paying in full. 

What are my options?

Based on your assessment of the spread, if it makes sense, then jump in and make an offer but try to push the settlement date back as far as possible to give you enough time to come up with a detailed execution plan for turning the property back into market. 

I haven't had any consumer debt since 2011 and have been job optional for years. 

There is no option to do this with an LLC.

Usually you get a long term loan from a conventional lender like a DSCR loan that is based on the property income.