All the charts showing what happened when paying off the property vs. not paying off the property assumes that the earned rent just gets put in a shoe box and sits there. 

My question is, do we need to form a new LLC/series LLC together solely for the purposes of the house flips, or should I form my own series LLC, and then we purchase foreclosures and deed them to both of our LLCs?

If she was to die and only her name is on the title, her other heirs would be entitled to a share of the house and if only your name was on the mortgage, you would still be responsible for the payments solely but not have complete control over what to do with the house.If you were to do a quitclaim deed now, other heirs may have bad feelings about it because they may feel that you took more than your share of the inheritance when she does die in the future.

This is why single-member LLCs can --- sometimes --- be pointless if the sole member is very much involved in the operation of the LLC.Doesn't Philadelphia law have something that require out of town landlords to use an actual property manager?

Sometimes sellers will fill vacancies with the sole purpose of adding value, knowing that they will not have to deal with the consequences.

I plan on it just being me as the sole owner of the LLC.

I believe with some cosmetic cleanup and light renovation the rent could be increased.The insurance is solely based on the "estimated insurance" given on Realtor.com.

Although i do give you a lot of credit for admitting them ;) being bearish on a asset for the sole reason that you like it or have upside is investor mistake #1, 2 and 3!!

I was told since I have a w2 job and am the sole owner of my llc that it is all considered passive income so I don’t need to send them out.

Most residential lenders I've met won't do cash out prior to 6 mo solely based on having filled the units.