When using a DSCR loan, the property is more often than not held in an LLC! 

I see it as no different from using a lawyer with a car accident.

If someone sues you and wins, they can only take the LLC that owns the property that was involved in the lawsuit.Best: Using a combination of LLC and land trust to protect your rental properties.

I just helped a client close on a property using a DSCR loan so I’m familiar with the criteria required now.

Using a friend a the contractor.

Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property?

We plan on using a money marketing account to save with until we buy our property to live in rather than it be a rental property after the next 6 years.

Assuming your debt (as @Matthew Crivelli explained) you are using a 75% product on today's rates there is not actually much cash flow, considering the time and effort going through 45k worth of repairs....

As for using a Wyoming LLC, it's a common strategy for out-of-state investments, but you might want to chat with a tax pro to see if it's right for you.

If someone sues you and wins, they can only take the LLC that owns the property that was involved in the lawsuit.Best: Using a combination of LLC and land trust to protect your rental properties.