But lender will underwrite you the borrower, i.e income, employment, DTI ...

If I were to purchase a SFR from a consumer I would INSIST that they employ an attorney. 

I have my wife listed as 50% owner of the LLC as she is not employed. 

Family situation changes, location changes, employment status changes, businesses open and close - nothing is permanent.

Recently came across a few good within my budget properties and do not want to lose the opportunity to invest and wondering how to go about the loans since I am not employed anymore and the lenders that I was working with for previous properties always ask me for employment verification and 90 days' pay slip.

If there are excess funds after paying the local/school real estate tax bill, the remainder can go to:Current real estate taxesCurrent Muncipal liens for water/sewer or any other bill initiated by the municipalityState Liens, usually for outstanding state taxes, sometimes employee/employer taxesPA State Inheritance Tax which applies to all deceased owners and starts at dollar one with no exemptions, unlike the Federal Estate Tax. 

Simple answer as to pros/cons:Pros: easier to get approved than conventional without your personal income/employment/taxes/assets/DTI being evaluated, i.e. lighter paperwork and more flexibility, usually faster too.

If its positive it adds to your job/self employment income as a total income figure to determine your DTI or debt to income. 

Being self employed then too, I would not qualify so I never started that way (and I was very young (like 23).

My plan is to use the LLC to acquire properties and to be the employer for the property manager when I actually acquire some walls and a roof besides my own personal home.