I think back then I called it "let-me-get-some-roomates-so-that-I-can-offset-the-mortgage-and-other-expenses". 

If you do the LLC, you will need a commercial mortgage which has higher interest and a bigger than 25% down.

Buy and Hold: Norfolk (Best Cashflow Potential), VB (Townhomes tend to work well, Green Run is a great area for cashflow), Chesapeake, Newport News, Suffolk (Less Military presence which is why i would put last.)STR: VB (in the proper zones if you have the money $850K+), Norfolk(Ocean View area specifically but have to watch out for the AICUZ restrictions), Leave the restPart of that decision process is distance to that I would need to travel to deal with rehabs, I hate dealing with the tunnels so I would almost always pick places on the peninsula last since I am based in Chesapeake.

Proper asset location is a non-trivial consideration! 

The most obvious is that you will be able to offset your mortgage with renting out a few rooms.

I'd Airbnb the 1st home & would do new construction on the 2nd lot.Am I able to bundle the purchase of both the house purchase and 2nd undeveloped parcel into one mortgage?

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Any advise on any of these numbers or whether I am calculating this properly. 

Otherwise, they will screw you for their own compensation.Inspector: You want an unbiased and competent professional that will properly do their job and document it.

You don't even need an LLC for one mortgaged property.