We do some cosmetic improvements to bring homes to our standard, typically carpet and paint, upgrade lighting etc.

Lenders will often still want to see a personal balance sheet.The problem with a SMLLC that is disregarded for federal income tax purposes is that you may decide to bring on partners or flip to an S Corp a few years down the road. 

A: I'd start by reading up on the previous 42,367 post's made this month asking "If/I have $_____, how should I start investing" and not assume post 42,368 would bring any radical earth moving change to the answers.

This was not in line with the rest of our properties, as it wasn’t a rental property, but we decided to take it on anyways at it paid a high hourly income, and would likely bring in more than all of our other properties combined. 

It seems like from what you've said your costs are $2115/mo (1703+245+167) and you'll be able to bring in $1,600 from one side of the duplex, then you'll be living in the second side for a year at least since this is a VA loan for a primary residence?

This is especially true if you start bringing in a strangers pet.

Don't bring them as equity partners, as you will have to file a partnership return. 

Knowing this information will help you identify the right professionals to bring on board.At minimum, your team team should include:Financial Advisor: to help with investment strategies - portfolio diversification and risk management.Real Estate Agent/Broker: to help with property acquisition and market analysis.Accountant or Tax Advisor: to help manage financial records, tax planning, and optimization.Attorney: to provide legal counsel for contracts, agreements, and investment structures.Mentor or Coach: to offer guidance, insights, and industry knowledge.Networking and Relationship Builder (for everything else you will need): to connect you with potential partners and collaborators.

It will bring you joy and not a return on an investment.

I turned it into a 7 bed house.2 of the new rooms are super useful to an end buyer and would bring us to a total of 5 (which would comp very well).