Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Would you buy 5 houses in Clarksville, which rent for less than your mortgage payment? 

I have spoken to both a mortgage banker and a modular cabin company and explained our situation.

We do whats called a participation mortgage and note you spell out the deal right in the note.. 

This is Occupancy Fraud, a very common type of mortgage fraud. 

As I am seeing 1.2 or 1.4 million 2 family house and not sure if its even going to cover the mortgage or not with 25% done.

Unfortunately as was pointed out in a forum post about a week ago there is no option on this calculator to include a second or third mortgage.

Subtract more for AirBnB charges, local management, repairs, cleaning, etc and there is not a lot left to pay the mortgage. 

What or who do you suggest I speak to or learn from to better understand my options for mortgages?

Keep in mind that your mortgage terms and insurance premiums will probably be less favorable in an LLC.