To determine price range, the first step is always figuring our how much you are pre-approved for; and that can vary significantly when you are looking at multi-unit properties because of the additional variable of rental income that can be included in qualifying.

Currently, my strategy is to rent to section 8 tenants for the guaranteed income.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Thanks for any additional input you have time to put forth. 

In addition, the debt of each state is crippling.

By accelerating your depreciation schedules, you reduce your taxable income which in turn increases your operating cash flow.

Remember, if you decide to sell in a few years, any bonus depreciation comes back as ordinary income. 

Freddie has a reno loan product that can be used for investment properties; this is only for first position, though.For the Heloc - it goes back to whether your mom wants to continue carrying the loan for income, and if so, how will you pay off the heloc once the rehab is complete?

Well, STR can work well for people who own a vacation house for personal use, and just want to generate some extra income when not in use.  

In addition, due to them being eligible for conventional non-commercial financing they typically have lower cap rate than 5 units and more.