In addition, you want a separate bank account for the rental property to separate it from your personal accounts.

I was thinking if I can talk to my neighbor about sharing the cost (I, the landlord, personally provide labor and my neighbor provide material (e.g. fence pickets)).

My 4 personal STR's are all in San Antonio did over $575k in 2024 and on track for $650k in 2025.I think you are generally looking in the right areas, but there are a few things to keep in mind:1) Stay inside of 1604. 

In high-cost markets like Chicago, that can be tough to meet.If you're looking at a duplex, the self-sufficiency test doesn’t apply, so you’d just need to qualify based on your personal income and the rental income your lender allows.If your current lender isn’t familiar with making FHA work in your situation, it might be worth getting a second opinion from someone experienced with FHA multi-unit financing.

Me having several thousand good reviews help, but personally I would not book a property with 0 reviews. 

I appreciate any feedback.Regarding Insurance, personally I would never have someone else (A Lawyer) handle the insurance on a Sub 2 deal or any other real estate deal for me, you would be setting yourself up for failure.First of all now you would need to get a POA for the attorney from the seller, that may not be your best move.

Quote from @John Friendas Quote from @Patrick Roberts: If you are on the note or personally guarantee the debt, then it will affect the liability side of DTI, regardless of whether the lender reports the loan on your personal credit.

It kind of depends on the type of properties you're looking for funding on.

Spreadsheet sounds like my own personal hell.

Quote from @Daniel Windingstad: Quote from @Obed Calixte: Some people have the personality, processes and systems & time to self manage, some do not.