By setting up an LLC or an S-Corp depending on the type of investing you are doing, you can determine who gets what percentage of ownership and who gets what benefits.

If you try to raise it more the tenant can hire a tenant advocate and the court will likely side with them.If I were you as part of your business plan I would plan on increasing the rents up to approximately 10% a year until you reach your target amount.If you insist on receiving the property vacant then make it as part of the deal, meaning have the seller deliver the property to you vacant.Also in the state of New Jersey if you are to evict a tenant and you own the property in an LLC then you must hire an attorney to handle the process for you.

You have to cut expenses or make more money or both-I would spend one evening a week at a REIA meeting-I will get your spouse on board and make sure she backs you emotionally-I would set up an LLC and finding an attorney-look at starting a solo 401(k) when you quit your business, investigate it now, @Dmitriy Fomichenko sets up solo 401(k)s-many people spend everything they make and don't save anything, start saving-if you have an IRA, look at setting up a self-directed IRA through trustetc.com-I look for problems, such as expired listings, mostly no equity pretty houses, search "Brian Gibbons creative financing"Best of luck to you

LLC, S-corp, etc.)2) How much capital would we need to begin with? 

I'm not anywhere close to owning multiple properties, but in preparation for this goal one day, should I plan to have a certain number of properties before creating a LLC or does it make sense to create one whenever we move out of our first home and make it a rental property?

Im looking to purchase my first rental property but i am not sure if should LLC or INC. first or neither.

Patch of Land will let me invest but only if I setup my own LLC - same for a few other sites. 

After talking to the customer service rep, assuming the loan or getting a new one from them is not an option since we hold title in an LLC. 

Personally loaning money to LLC.

Another point, get a LLC before you sign deals.