Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs). 

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

For comparison, a Navy Federal FCU personal loan will be in the 15s%

Your realtor will be able to give you a much more detailed market specific answer but with house hacking and a VA loan it should be possible to get 0 out of pocket.

The friend who shared this deal with us offered to provide the loan.

DIRECT MORTGAGE LOAN COMPANY6.

The SST doesn't apply for legal 2-flats so if you want to use FHA it's probably better to target those that maybe also have a non-conforming basement or attic unit.This is why the 5% down conventional loan is a game changer for house hackers.

Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.

Also add if you are getting any type of loan on the properties a Wyoming LLC will not make you anonymous as you will need to sign the mortgage in your name: 

Cash flow is definitely the biggest challenge; both in terms of finding properties to buy that cash flow with a loan on them and just company wide given interest rates and labor/material is up and, at least where I'm at in Jackson County, MO, taxes are way up too.