If you're using a DSCR loan to purchase the home, most lenders use the lower of the lease agreement or 100% of the market rent from the appraisal form 1007 to determine the DSCR.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

Found T&H realty services to be pretty interesting as they provide both buyer brokerage service (to help me find deals) as well as do property management i.e. they are not full turnkey provider necessarily, but reduces some of the hassle for me I guess as an out of state investor. 

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.

Working here has been eye-opening and having spoken and worked with over a 3rd of REI's clients has been remarkably motivating for me to build my portfolio. 

And I didn't know that there even was an option for a cabinet form.

I’m thinking a small town could be a great place for me to start compared to big cities.

There is knowledge to be found in these media forms, but knowledge isn't their first motivator.  

This part is a foregone conclusion for me, but what I am still working out is next steps.

This route also provides access to capital to fund some larger purchases in the next 5 years (roof, HVAC, siding, windows on rental property and last projects on primary residence) in the form of a HELOC if we were to go the route of a first lien HELOC/All In One mortgage.