Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Also due to price increases you can probably cut a better deal on an existing home and probably get better quality too.Normally you'll probably need a couple of years of income to get a loan. 

Embarrassingly, I listed our property with the usual $50 pet fee (which can only be $35 now) and asking for income 3x rent (which is now 2x).

More on DSCR loans: DSCR loans won't use your income to underwrite the loan. 

That's a very broad question, but also a very good one.If your focus is on cash flow, then you are likely looking at lower income areas because the price to rent ratio is better.

My thought is my gf and I are both paying separate mortgages at the moment (combined nearly $7,000 between both of our mortgages), so even if my SFH rental isn't a net positive cashflow we'll still be bettering our financial position due to the rental income it can/will produce.  

You’re going to deduct the rental mortgage interest against your rental income and your personal mortgage interest (if allowed and more than standard deduction) against your regular income.

I literally just need to categorized income and all types of expenses.Do any of you properties investor have a recommendation on what accounting software to use for these type of set up?

If IRA owns the property wouldn’t all rental income have to go directly into the IRA?  

The initial area I will focus on is in NE FL and has the following: - Population: 81K - Median HH Income: $109K - Median Age: 45 - # of HH's: 32,958 I'd like to keep my area smaller in the beginning so I can better controll marketing expenses, while avoiding spreading them too thin.