Not much to add to the good advice already written, exceptYour mom could easily get a reverse mortgage to pay for her care, then you and your brothers could split the equity left upon sale.

Rough calculations on what I need to be looking for:90k deal (purchase and renovations to get max rent)20% down = 18k from me80% bank loan at 8%, 20 yr amortization = 72k-------------------------------------------------- Here's my DSCR calculation:Calculate Net Operating Income (NOI):Monthly rent: $125040% expense ratio (taxes, insurance, repairs, vacancy) = $480NOI: $1250 - $500 = $750Calculate Monthly Mortgage Payment:Loan Amount: $75,000Interest Rate: 8% per year (0.08/12 = 0.006667 monthly)Loan Term: 20 years (20 * 12 = 240 months)Monthly Payment ≈ $627.83Calculate DSCR:DSCR = NOI / Monthly Mortgage PaymentDSCR = $750 / $627.83DSCR ≈ 1.20Therefore, with a $75,000 mortgage at 8% interest over 20 years, the DSCR is approximately 1.20

If your primary home is financed with an FHA mortgage and you can get a second FHA mortgage if more then 100 miles away. 

I've been teetering around the idea of house hacking once I am done with college, but a big issue I have come across when speaking to a mortgage broker is the fact that I need to prove 2x of the mortgage in monthly income.

But as of today, I am strongly considering converting it into a single-family rental because based on some Zillow comps I’ve seen I could get upwards of $8000.00 per month which is more than double my mortgage, taxes and operating expenses.

I've done deals like this where I've had the seller hold a small second, subordinated to the banks 1st position mortgage, with payments to the seller deferred until balloon payment which I make coterminous with the bank's mortgage.4.) 

I purchased a FIRST LIEN Purchase Money Mortgage that foreclosed, originally from 2006.

LLCs are not corporations, unless they specifically elected to be one.Commissions and fees paid at closing to licensed realtors and mortgage brokersRepayments of loans1099s for electronic payments – yes or no?

I just recently came up with the idea to BRRRR too so I'll see what she says about finding these significantly cheaper properties. 

By the time you factor in insurance and any cap ex....it's already a loser...even if you aren't carrying a mortgage.