The right idea is going to be the bread and butter.1) Ideal location2) Quality properties over quantity of properties3) 1.25x DSCR4) Intention to hold no less than 8, but ideally 12+ years.5) Sufficient cap reserves6) Mechanisms to enhance cash flow(via alt investing or house strategies).7) Liability protection through no PG loans(if possible), LLC formation, property management and being a diligent landlord.8) Invest deeper, before wider.Now if you're talking where to invest, different information.

Mike - the formatting made it look confusing. 

**eForms**: This site provides free residential subcontractor agreement templates in PDF and Word formats.

You could set up one LLC to own your 4 rental properties and quit-claim deed them over and that would be the maximum I'd do with respect to LLC formation.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.I would also recommend looking for a accountant willing to work with you throughout the year.

The STR needs to be licensed with the city and can be rented out for a maximum of 180 days in STR format for a calendar year. 

It's hard to go into that detail in this format without writing a novel. 

Bogleheads was the source of most of my formative personal finance education (for ~14 years), and it’s relevant because the SWR discussions there are typically in the 2-4% range.

Here's a revised response with a more structured format:---Hey JeffIt sounds like you’ve got a solid deal in the works, but I totally understand your concerns about the 5-year seller carry.

The bank developed the appraisal type, format, and dictated the parameters for the content for their own purpose and use.