This means that although you aren;t required to file a tax return for Federal (IRS) you are still required to file an LLC return in the State the rental is located or the place where the LLC is incorporated.  

To comply with foreclosure laws you'll need a deed of trust arrangement incorporated in your installment sale contract.

Does your $350/month incorporate maintenance/repairs/taxes?

I plan to incorporate time and budget contingencies regardless but the above scenarios are probably applicable across the board..

I did live in corporate housing in Yuma, Az for a while but I don't imagine it is needed everywhere. 

I am looking to get started in corporate housing myself in Houston as well.

I have no idea and do not offer an opinion on whether that type of Operating Agreement would hold up in court, but to date they have been fine for banking and loan purposes.If you're thinking about a business with another person, I recommend seeing a lawyer to draft the Operating Agreement or Articles of Incorporation.

Given these conditions, our buy-and-hold investors are increasingly incorporating fix-and-flip or wholesale projects.

You are going to have to incorporate a personal guarantee into the lease. 

What I mean is should I incorporate a company first and then sell shares to investors?