From Mike Olsen:

We spoke today about one of your questions, which will have an impact on this question. If the LLC is going to be an approved Non-Supervised FHA lender, then this is an acceptable form of doing business. If the LLC is not going to be an approved Non-Supervised FHA Lender, then it doesn’t matter how they are formed, HUD has no jurisdiction over them.

Here are the requirements for an LLC:
4000.1 3 c i (A) (2) Limited Liability Company
(a) Definition
A Limited Liability Company (LLC) is an incorporated legal Entity created under applicable state law that combines certain legal and tax attributes of corporations and partnerships.
(b) Standard
The LLC must:
*consist of two or more members, unless its single member is a corporation or LLC consisting of two or more persons or members;
* have a minimum term of existence of 10 years from the date of application; and
* provide for succession and continuance in the event of the withdrawal or death of a member.
(c) Required Documentation
The LLC must submit its Articles of Organization and operating agreement with its application. The Articles of Organization and operating agreement must contain language addressing the requirements listed in the FHA LLC Standard section above.
The application must include the names and TINs of all members.

Let me know if you have any other questions.

Thanks
Mike Olsen