I obtained the loan in my name but set up an LLC to manage the property.

But if the property is far away and you’re not hands-on with management, it’s much harder to qualify, so set things up carefully.

I intend to buy an SFR property, and then create an LLC with shared ownership or set up having Tenancy in Common agreements after its bought .Does making an LLC help or having Tenancy in Common agreements make more sense ?

I have read that 6months worth of emergency funds should be set aside, usually refers to personal emergency issues.   

I’d recommend using a combination of Asana and QuickBooks.Asana (or a similar project/task manager) is great for keeping track of to-dos, setting reminders for things like utility account setups, tracking who you spoke with, and following up on tasks.

Exactly the same.

We treat it with the same level of effort as if we're leasing with the intent to manage - set criteria, fast replies and scheduling/showing, thorough vetting, etc. 

.• Long-term, I would handle all operations and decision-making, and my parent would receive passive income without having to be involved in day-to-day business.Where I’d love advice from this community is on structure and timing — especially if entity setup becomes essential for securing financing and scaling efficiently:• Would you recommend first leveraging equity through personal HELOCs and contributing those funds to an LLC — or is it smarter to set up the entity first and structure financing from there?

I think this is where it comes in handy to have cash set aside for new purchases.

Quote from @Joshua Marler: I could use any advice on setting up this house for rent as I will be driving out there for a month to get the place updated.