I have my personal emergency fund stored away in a HYSA, and am working to build up a15k property reserve as well, but am conflicted on where to keep that 15k. 

House gets foreclosed on when a borrower is not paying its debt obligations - typically its mortgage.buying foreclosures is not for the faint of heart as you have no idea of the interior of these properties lastly while it can be beneficial also realize if there are a lot in an area those homes are the new comps when trying to sell so it lowers home values in an area 

A better question is "Should I have a rental property in an LLC?"

Quote from @Lisa Albright: Hi All,Newbie here, just a quick question we are building an addition on our second home, we have a primary residence, and two rental properties.

Your personal loan has a 5 year balloon period.  

Many banks limit personal loan amounts.

I you take out a loan your name, an actual person must sign it.

I operate 14 properties from the same checking account.

I've personally done just about every rehab scenario, properties I've lived in, properties bought as investments and even properties bought at auction.You've gotten good advice from folks on this list.

Your wife as conservator/guardian has an obligation to her mother and selling the property to herself creates a conflict of interest in that she stands to benefit as the buyer and is also making decisions for someone else as the seller.2.