Hi @Mike Day, I would avoid doing a blanket loan covering more than one property.

Meaning your income would have to cover both notes.

You have to go through the pictures or better go and see them as potential tenant. 

Its my understanding that it would be a separate contract spelling out all the different scenarios that need to be covered as owners/landlords, exit options, disputes, etc. 

Any pictures of "tenant-proof" bathrooms?

If the builder is willing keep the project in his name while constructing then indeed when you sell you can execute a 1031 exchange and buy the new property when it is complete or when the value of it is enough to cover your exchange but within the 180 day limit.You just can't take title to the new property until the old property sells in order to complete the exchange.

Either way, I would be looking to have the rent at least cover the mortgage payments, allowing me to save up for my next buy and hold (of course after paying for taxes/insurance/ repairs etc.)

I have to work 2.9 full time jobs here in LA just to cover expenses like rent.

They covered a ton of material and it was structured in a way that most universities do.

I recently had a(n inherited) tenant vacate a house, owing more in rent and damages than her deposit will cover.