Patience Pays, But so Does Smart PositioningIt’s s true that appreciation-focused strategies require patience, but in international markets with built-in tenant demand (e.g., near military bases or expat hubs), appreciation and cash flow aren’t mutually exclusive.

My partner and I are in our 40's looking to acquire multi-family properties out of state for cashflow.   

House Hacking Strategy: Living in one unit while renting out the other(s) is a smart way to offset your mortgage.

My SFH investment s will help me absorb my losses, so it’s a good learning experience.  

We pay W/S because they are combined. 

Your attorney should also determine if this is legal in the state(s) you’re lending in.

Dave NA ,Non LLC and non corporation husband-wife holders of rental properties do not have to file a partnership return; They can file Schedule E.The problems comes if it is held by an LLC(Two-member) in a non-community property state.For the management activities I would still recommend using an S-election or C-corp if applicable.

https://www.realtor.com/realestateandhomes-detail/1853-S-Gai...

The cost to remove just one illegal will be in the thousands and way the government operates probably 100's of thousands of dollars. 

Your LLC has no "business" other than the asset(s) it owns.