I'd say the entire system needs to be overhauled and very strict guidelines be instituted backed with the means to trace every gun and enforce what laws remain.

While you don't need to touch on every corporate requirement for an LLC, you will be better off if you do the basics, set guidelines to work by, have at least an annual meeting and meetings for any large purchase or sale of real property, keep a record of those meetings and execute all business in the name of the LLC properly.

Kyle, To my knowledge, FHA guidelines state that they would lend up to a four unit multi fam.

Is there any specific guideline on it that state mandates or is it upto my comfort level?

It is all about families. 3 bedroom could bring better tenants IMO.Side note: If you plan on buying a condo look in to fannie mae's new condo guidelines.

MS is hoping the pro release will save the day, but not sure I'd be willing to gamble my money on it.

The 70% guideline is a great measuring starting point but are you going to turn down a 70k profit because of 25 k out of pocket?

As for the rate of vacancies, its hugely dependant on the area and class of properties again, and whether or not you want to deal with government supported tenants (what you call section 8 in the US)- for me, in Japan, its a no-brainer, since they're nothing like yours in the US, but if that's where you plan to invest, you'd better give this some thought - these tenants will fill up your vacancies fast, but come with a whole unique set of issues.Totally with you on the leverage front, wouldn't touch a mortgage with a ten foot pole these days, seen too many smart individuals and savvy companies (and I'm not saying this with cynicism) get very badly burned with assumptions regarding appreciation, depreciation and amortization - to think the GFC is a once in a lifetime event and will never happen again is the biggest (and dumbest) gamble of all, in my perspective.The amount of time you'll spend on each property, again, is a direct factor of the class of properties and areas you invest in, and the quality of your chosen team, in particular your property manager.

Sorry for being perhaps repetitive but I've read the IRS guidelines many times and I' m still confused.

A conventional lender has a ton of silly guidelines they have to follow - both with the fannie/freddie stuff and with their own bank's.