Prioritize due diligence, including a thorough property inspection, financial analysis, and legal review.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

I was told to get a home under contract via the Option to Purchase contract (include a consideration fee given to the seller) and getting all signatures done with a copy given to the seller.

Currently we have about 135 tenants, not including parents who call/email me whenever they want due to having a bunch of needy, entitled honestly 22ish year olds.   

There's a nexus of factors tied to the LLC lending question worth noting.Typically we use a specific type of private business-purpose note that enables LLC lending.Other benefits of this note include: No Income Verification, No Credit Reporting, LLC Liability and Privacy protection, Unlimited Number of Loans, Far Less Documentation,... many obvious and non-obvious reasons savvy investors run this route.These notes are also competitive with FHA/VA/Conventional interest rates; however a 15-20% minimum down payment is required.Happy to help you cover the bases.

He says he would provide me with a 1099 and he has to do it this way because the seller insisted on using their title company and the title company would not include the assignment fee to the transaction.

The increased depreciation deductions can offset your taxable income, including gains from the sale of the previous property.

The FHA househack strategy is fairly common and pretty straight forward, a lot of people have been using this and/or the conventional househack (myself included) so have been on both sides of the table. 

At the end of the day, you'll still need good credit, income (rental income from the property will suffice for DSCR loans), and cash to close, including a downpayment (likely 20%+). 

@Kobe CarrDallas offers benefits for first-time real estate investors, including a growing economy, diverse property types, affordable suburbs, landlord-friendly laws, and strong rent demand.