I am not opposed to making some needed improvements, but don't want to take on a major rehab now. 

You'll learn a lot more doing hands-on work, as opposed to listening to someone speak for a day.  

It does not account for specific areas with higher or lower property tax or insurance costs, it does not account for specific areas where rents are $1000 a month per door and up as opposed to $1000 and below, it does not account for the difference between 100 sfr doors or 1 100 unit apartment complex.

The only thing that changes is that, if you chose to file as a C-Corp for some reason, the profits that flow to the members of the LLC would be taxed as qualified dividends as opposed to ordinary income on the personal 1040's.

Now if you've just bought the place and have to rehab/remodel it, as opposed to work done on a property you've already owned for a while, I don't know how it would be treated. 

Oppose to a single family dewling draining your profit margin. 

I've heard of people doing deals without ever meeting the seller face to face, I would not be opposed to this down the road.

I will probably just go the route of the tortoise as opposed to the hare and continue saving up until I can locate a property that I just can't pass up. 

Regarding roommate income, when your roommates pay to live in your own home (as opposed to splitting the cost of an apartment), you are required to report that income on your tax return.Renting rooms in your own home is akin to living in a duplex or triplex, but sharing common areas.

That's actually one of the reasons why we ended up buying in Van Altstyne opposed to McKinney, Plano, Frisco, etc...I'm not saying that there aren't any deals left in Dallas but there seems to be a lot of untapped potential as you go North up 75.