The inspection process for an FHA loan is more strict, but the loan process in general is pretty similar to a conventional.

I would generally give them 30-60 days notice regarding new rent increase so that the tenants can adjust to the rent hike.

In general, you will have to capitalize the cost that you incurred before renting the property unless you qualify for something called de minimus safe harbor where you can expense items below $2500.

Some of the costs involved are licensing fees, continuing education, errors & omission insurance, general business liability insurance, increased auto insurance, realtor board membership dues, sentrilock fees, css fees, mls fees. 

@Patrick MartoneThere is no specific number for ROI in general for any area.

@Kevin MartinAs a general rule, a wholesaler can't be trusted to tell you the right time of day, let alone talk about who has what leases with whom.Family members of the current owner are the absolute pig-butt nastiest sort of tenants in situ to end up with.

My general rule is avoid east germantown even though the returns look nice the quality of people will suck the time and money out of you.

Generally, will 2.5yrs of US credit history be enough in my specific case (assuming everything else is in check)?

Many real estate investors swear by them, other people say they should never be used.The reality is that wraps are a little complicated if you have never done one and hold some small risk of a bank calling the note but CAN be a useful tool when used correctly with two (or three) willing partiesRegarding the terms of most residential mortgage terms, specifically the "due-on-sales clause", they generally say that the lender "has the right to call the note" but not the obligation.   

I am reasonably new to the US real estate market and thus would appreciate some expert advice w.r.t the best tax structure, liability protection and generally which structure is more suitable, S-Corp,  L.L.C, Series L.L.C, other.