Study landlord basics, especially on what to include in your lease (going forward you will ALWAYS have a written lease).(2.5 Learn from mistakes and don't repeat them.)

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.

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.   

Guests also include families visiting Reno, travelers relocating, weekend visitors, traveling workforces, and Tahoe adventurers.

Those are generally at least 1 of the following:1) Where they currently live2) Where they grew up3) Where they currently have family/friends living (if not included in #1 or #2)4) And as a last resort, an area where they like to travel/vacation frequently

Quote from @Carlos Lopes: Gross income doesn't matter.This is the number most people post, and it's 92.7% useless.What you need is NET income, meaning the money left over after all expenses, and that should include a dollar amount for your personal time spent operating the business. 

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.

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%+). 

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.