This is my 1st post and I am so incredibly thankful that a forum like this exists and for any information to help guide me through this tough decision is so immensely appreciated! 

A good property manager can guide you in selecting properties that will attract a tenant segment with a high concentration of reliable people.Access to cost-effective resources for renovation and repairs.Lease terms enforcement.

It is be difficult to answer in details on a post but I will give you some general info here as a guide:- The legal limit will depend on your location, layout of your house, and parking availability.

BP-Published DSCR Guide!

I really think a newbie can take your instruction guide above (and one posted by @Frank Wolter recently) and achieve success.

Unless you have a specific need for a trust, many DSCR borrowers just create one or multiple LLCs for the loans (this has gotten to a point where it is very easy and affordable to create LLCs, especially in TX)BP-Published DSCR Guide!

If FNMA, FNMA allows transfer of deed to LLC if mortgage originated after June 1, 2016 and original borrower owns a majority interest in the LLC and any 12 months of owner-occupancy is first met:https://servicing-guide.fanniemae.com/THE-SERVICING-GUIDE/Part-D-Providing-Solutions-to-a-Borrower/Subpart-D1-Assisting-the-Borrower-with-Property-Related/Chapter-D1-4-Transfers-of-Ownership/Section-D1-4-1-Information-Relating-to-Transfers-of-Owner/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer/1041300841/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer-09-09-2020.htm

My research guided me to form an LLC to hold the properties during repair/rehab (I am buying properties that need major fixing) and move them to another LLC where I will be collecting rent. 

Many investors do this and don’t see issues, but it’s best to proceed carefully and know there’s some risk.You don’t necessarily have to inform the lender, but it's wise to consult a real estate attorney or CPA to guide the process and minimize risk.

@Edward Suess-HassmanContact a lender and a CPA to see what you can afford today, next year, and develop a plan to guide where you can invest.