I will be living in the guest house, while renting out the main.Both units are without washer and dryer units, my question is, do I supply them in the main house; or let potential tenants figure that one out?

When I asked him which one to pick, he told me that it was up to me to figure out.

Of course your specific return requirements will vary, so figure out what the numbers are for your market, analyze them to determine margins and decide if that is an appropriate return for the risk you are taking.

I figure REI is like most other things in life… hard work and persistence will get you there.

It may not be worth using an LLC on your first one.As for the calculations, just put the numbers in a spreadsheet and figure out which option costs you more.

Working to figure out which route has the best conversion rates when targeting specific neighborhoods.

My wife and I both have jobs that pay over 6 figures and our monthly living expenses are only around $8K. 

All the partners must agree to make the choice, and the partners must be able to figure their own taxable income without figuring the partnership's income.  

I figured lowest money out of pocket was the best way to go, and in this case FHA would provide the lowest downpayment.

If your doing an FHA and plan to stay in one side you have to figure out what that would benefit you.