$400k equity is producing $1600/month cash flow for a return from the cash flow of 4.8%.  

Because, the lender is entitled to know what risk they are taking with their money.That being said, on seller financing, if someone gets sued and loses, the lien/judgement can be filed at the county, (it's not automatic, someone has to prepare and send the paperwork) which the bureaus will pick it up on producing a credit report.

If you only have one LLC and don’t need entity tracking, you could get a lower subscription and categorize your properties as ‘customers’, then units and tenants would be sub-customers.Simple Start would allow you to invoice your tenants (if desired through QBO) and produce basic reports. 

A $240k loan amount on a $249k purchase price seems crazy and I'd never expect to produce any net positive cash flow doing this.How are you calculating your property taxes?

@Thomas Farrellmiscellaneous reactions-BRRRRs won't produce cash flow - they're an equity strategy, not a cash flow strategy-OOS BRRRR on your first deal will be incredibly difficult. 

Not likely to produce the result you think you'll get.

A friend of mine and her husband are working on a deal to combine an event venue and it will double as a film studio because they help produce a lot of films in Georgia.

See what qualifications people are looking for and do what you have to in the meantime to produce income while you're studying. 

Those that use it seem to like it and - as a CPA - I like the reports it produces. 

You can go as low as 2.5x in some cases but NJ tends to produce enough traffic/applicants where 3x should be minimum unless property is over priced.