The rest of the documents like Operating Agreement, is whatever the members of the LLCs agree upon, correct? 

All that being said, I agree with some other members - depending on what costs you built into the rehab, you have to figure out what you have to work with in terms of your budget. 

I agree @Ned Carey, right now  SFH market is better, 7 out of 10 potential renter I talked is looking for a SFH.

I agree mostly with Andrew postell above,  In order to qualify as an investment property from out of state and not a primary residence that you are living in, you are going to need more money into it as a down and then a qualify as a conventional investment loan.

I agree with Ray here.

These are things to have an undersatnding with your PM when you are signing a contract with them.At this point you have to see what you already agreed to in your PM agreement.

It has no bearing on what price the lender will agree to.Points to know....First, use an Experienced short sale Buyers agent....there are just to many things to look out for in a short sale.Find out how many mtgs/liens are on the property....many times a buyer has to pony up extra money to satisfy a junior lien holder, above what the first lender will offer them.Assuming all paperwork’s has been submitted, expect 30-60 days for bank to do a bpo and accept=counter your offer.Submit a gc repair estimate with your purchase agreement.If the comps are $200k, you’ll never get it for $80k unless there is a serious documental $100k problem with the property.

Strongly agree with Jason here- run your own pro-forma.

@Tarik Nabi I agree that this in this case it is the landlord's responsibility to seal up holes and set traps. 

I do agree with you @James Galla and @Andrew Briggs in that "house hacking" might be the best way for me to get started and gain some experience.