Include an exit strategy, tax planning, and insurance to protect both parties.

Quote from @Kyle Carter: What role does insurance play in protecting your investments.

You take out those utilities from the S8 voucher rent and the resulting NET rent is often BELOW market rents.Ask more questions to protect yourself from being taken advantage of. 

You can get into a bunch of properties with that much money, but honestly unless you just really love RE I'd be pretty tempted to find a couple of decent dividend funds and just harvest the returns.

Quote from @Michael Rodriguez: Howdy fellow Memphis investors,Any ideas for protecting thieves from pulling out the HVAC copper pipe? 

Explore multifamily or out-of-state investments for higher yields.Setting up an LLC provides liability protection but has no tax benefit for you now.This post does not create a CPA-Client relationship.

How would an umbrella policy protect against a security deposit related claim?

I also agree, that income is not a protected class.

If there is a due on sale clause in the loan doc then it doesn’t matter what the loan officer told you verbally.I’m not an attorney, but from my understanding of the loan is still in your name personally a good litigator can pierce the veil and your LLC protection wouldn’t amount to much.

Also any tips for automating this as much as possible and how to protect the property financially and property management would be appreciated.I ALMOST understand the rental arbitrage strategy if building a company scaling with say 30 + units and looking for high short term cash flow.