Remember an LLC is a state designation so you would be classified depending on the setup...i.e. single member LLC (sole proprietor), multi-member (partnership), or corporation (s or c if elected).I am not an attorney and this is not legal advice.

I am the President of NWREIA.

That being said, if he elects to stay and squat in the property, you will need to evict him like any other tenant, which can take time and court costs.You clearly are a sweet and sympathetic person.

If you are the sole member of the LLC, then it is a single-member LLC and treated as a disregarded entity (unless you elect to be treated as a corporation).

State law and presidence will determine when an offer is no longer valid if a time to perform it is not stated in the offer.Short sales linger on and go beyond what is considered reasonable (30 days) in my area to hold an offer open and enforceable.Keep in mind that a short sale is sold by the owner not the lendder and even if the seller agrees and it is an impossibility for the seller to perform due to the existing loan and a reasonable time passes that seller won't have much recourse IMO.

So you may elect to bear the monthly MI paid monthly because you figure you'll be at the MI drop off point soon anyway.

I have read that it is most tax advantageous to elect S corp status but that C corp status makes fundraising easier in terms of working with lenders.

Most CPAs advise flippers to use an LLC with the S-election so you can get the benefits and ease of an LLC, but save on self-employment taxes with the S-Corp. 

However, it seems to me that Koreans are taxed on their worldwide income, so you may need to declare that income again in Korea and talk to a Korea-US tax expert to see how the treaty to avoid double taxation is enforced. the alternative is to invest through an LLC and elect to make that company fiscally opaque.

I heard if you followed it you can grow up to be President !!!!