First of all I put my acceptance criteria clearly in the ad: minimum credit score (enter X amount, 620 is what I use),income 2-3x rent, good rental history, references, no evictions, acceptance dependent upon background check and employment verification, pet policy, desired lease term, etc. so that people will hopefully read that and not come to the open house if they know they won’t qualify.

Not sure the time frame, it may depend on the Judge's schedule. 

You can set it up for cheap depending on your state.

So, reviews now will translate to revenue potential later.

It depends on the rent amount and the difficulty of renting in your area, but I'd generally suggest something more like 50%-75%. 

However, managing multiple LLCs can mean higher costs and administrative work (separate bank accounts, annual filings, etc.).It depends on your risk tolerance and ability to stay organized.

Can depend on what kind of investment property this is.

Let's say EMD is only between $2,000 and $5,000, depending on the deal.

Depends on what other resources he has, both financial and personal. 

To me it really depends on how strong the market is at the time.