There is still some paperwork involved but significantly less than traditional lending institutions.  

They tell you right at the start in which states you can apply this freely, which states have certain restrictions and which states you cannot do this without a license. 

Last month, I pulled the trigger on getting my first real estate property ever and decided to go with a 4 bed, 2 bath new construction to limit all the variables involved since I am still in college.

This advice definitely applies. 

I am guessing a few will say to have my lawyer do it, but the other LLC was so seamless that it seemed superfluous to have someone get involved. 

Other lease provisions may apply as well, such as prohibition against causing the LL to incur fines and damages.

With my situation of not being bankable, would DSCR loans still apply to me?

In fact, approximately 40% of our business involves the Section 8 program.40%...

From an internet search"Unrelated Debt-Financed Income (UDFI) is a tax that applies to an IRA when it uses debt"

@Rory DarcyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?