It includes all major assets & liabs, inc some pers prop that has value (or is individually insured) & I would consider selling to fund new found opportunities or if there was a major emergency requiring a change in budgeting/liquidity.My PBS is currently three pages long, broken into sections w/ sub totals to assist in analysis:AssetsReal Prop (Assessed, Purchase/Rent data, 2-3 free online providers like Redfin, then averaged.)Personal Property (Cars, Art, Hard Assets, things not in an account or "foggy" daily market value)Cash Accounts (ie funds w/ access not limited by age, Banks, Brokerages, CVLI, prepaid taxes,large pending incomes like insurance settlements & reimbursements owed to me.)MineSpouseCo-AccountsRetirement Accounts (or anything where access to the value is age restricted)MineSpouseBusiness 1 (Net number carried over from separate business records)Business 2 (List as needed)Liabilities (Would section these out too if I had enough to justify it)Listed in order of assets above if tied to such, mortgages, HELOC, etc.General liabilities listed next, largest to smallest.Net Worth CalculationThen I include several lines of totals; subtotal of amount available for conversion to REI, ratios & simple measures like mo / mo & trailing 12 mo avg % & $ return.My FI goal is over the long term to average at least 1% mo / mo gain in net worth.I have found this to be best for me for several reasons:I have a hard time visualizing a set $ amount as a goal because my amount required to retire would then seem too big to tackle.

Let me address your concerns individually...1. 

Tax treatment gets a little complicated when two individuals buy a multi-unit property and one of them occupies a unit. 

Pragmatically what happens is you expand the Fannie cap to 20 by putting each property/loan only in one spouses name (we can thank feminism for that, once upon a time women didn't have individual credit, only EITHER joint with their dad or joint with their husband).

(Disclaimer:  for those of us who have no sense of humor, this was an attempt at humor and no way should be construed as being in any way discriminatory.)According to the article:"It doesn’t apply to sex offenders or people who have a criminal conviction that, after an “individualized assessment,” shows that denial based on the conviction “is necessary to protect against a demonstrable risk to personal safety and/or property of others affected by the transaction.”You'll have to obey your local laws, and do an 'individualized assessment'. 

My intent is to rent individual rooms.

(Nice quaint, family neighborhoods) I went ahead and recreated the Bigger Pockets calculator into excel so I could evaluate the properties individually but also as a group.

At closing, the title company files a lien on the property for the LLC which is based on the deed filed at the county courthouse6) pay the contractor $15k in cash to rehab the property 7) get a tenant placed after rehab is completed8) go to a bank to do a "rate and term refinance", which can be done at 85% of the ARV because it is considered a refinance. 8) the individual refinances out of the $65k loan with the LLC into a mortgage with the bank for $76,500 (85% of the $90k ARV) 9) you now have a rental property with a tenant paying your monthly mortgage and you make $11,500 on the deal ($76,500 mortgage less the $65k LLC loan)The LLC method seems more complicated because you have to create the LLC and file the deed, but it seems less risky because you are not subject to the lesser of a) 75% of the ARV or b) the "gross amount due from buyer". 

Just find a good mentor to shadow, someone willing to impart from his/her experience, take them to lunch and make yourself useful to them, and they will teach you.Here some recent articles good for starters:- one to raise you up: https://www.biggerpockets.com/renewsblog/3-important-questions-starting-investing-real-estate/- one to bring you back down to earth: https://www.biggerpockets.com/renewsblog/dont-just-dabble-in-real-estate-investing/- one in the middle: https://www.biggerpockets.com/renewsblog/cheap-free-steps-today-pro/- https://www.biggerpockets.com/renewsblog/2016/03/22/10-lethal-mistakes-avoid-real-estate-investment/?

She might be giving you an option to get insurance as an employee of the corp vs as an individual.