Sorry if I read too much in btwn the lines your initial post sounded like you're worried.

So, I recommend that you manage it carefully to make sure that you run as close to breakeven as possible.The second issue with any corporation (including LLCs filing as S-Corps) is having the corporation own rental real estate. 

That's right.... be careful and try to avoid the who doesn't care where they manage, what they manage, how they manage, etc. 

My lender has also told me that although they will not allow a 1031 ex to be used towards a purchase on a primary residence(as we all know those are the rules), he also told me that they will NOT see the 1031 X docs and after funds for closing have been verified, they will not care where the funds to close are coming from.

After reading Multifamily Millionaire and The House Hacking Strategy, it seems like the tendency is to do a FHA 3.5% loan.

Who cares! 

This includes things like lawn care, snow removal, and repairs.

Built into the paperwork, signed at closing, reads the fine print as to whether the lender has chosen a 5-year balloon or a 5-year loan reset.If an investor chooses a balloon payment, this means that he or she will be getting a new loan at the end of the 5-year period.

I know the RE world is tough to make money right now and I am here for it, I care more about learning everything I can then making as much money as I can.

Read again the possible issues that everyone here has listed.