Been looking at a structure which will be optimal for having a portfolio of rental properties, financial investments, and all the other general life stuff, which will assist in asset protection, as well as tax liability etc.Thoughts on this?

I always tell them to fill out the application and if they pass we can meet and they can pay the money and almost every time the person that was trying to put the cash in my hand has multiple evictions, a huge list of felonies, or both.

Would've made life a lot easier if I would've done that all along.

Also there is some personal reasons which are hard to put a value.

Yes, it would be for short-term rentals as well as personal use. 

o Full doc (pay stubs, taxes, personal DTI) or light doc (asset-based, DSCR)?

I'd suggest it's personal finance for the next 12-18 months to put yourself in the position to do this the right way. 

When we arrived from Nebraska, we were quite shocked in the difference in costs relating to fuel, groceries, services and night life.

Occupants: The Tenant shall not allow or permit the Premises to be occupied or used as a residence by any person otherThan Tenant and the Permitted Occupants.

I wouldn't give a discount if they can use most of the house to live and go about life.