The first restriction placed on us was a max of 4 properties per relationship with that bank, even if we used different LLC's, it would still be counted as one relationship.  

You would be looking at least 15K in transaction costs - 6% commissions not counting holding costs, fix up costs or seller assistance.One thing is to look at your tax situation and make sure you can benefit from the "paper loss" you will have on the rental from depreciation. 

Nope never had a BK nor foreclosure/repo nor any ongoing delinquent accounts since they're now all settled, so I'll just let those negative entries get so old enough they no longer count much against my creditworthiness and while I won't 'borrow' to build my credit I'll still entertain getting a cell phone contract (right now i'm on prepaid).To me, assets/net worth is more important than credit.

If you have the down payment, they may count 75% of gross rents toward your qualification for the loan if you have some RE experience.

I can't think of any that haven't, although I had one that considered not.On several occassions I've had to wait until the following day to collect the proceeds due to the buyer bringing a cashiers check to closing and the title company holding all paperwork until it posted.I wouldn't count on this being a solid source of income, but it is an extra option in the toolbox.

Are we counting marbles in our jar?

So Freddie Mac requires that rental income show on two years worth of tax returns for rental income to be counted toward your income, or that you have 2 years of experience as a landlord.

Will you be able to max out on FHA loans as well or do VAs count towards your FHA loans? 

You cannot count on a corporation or LLC to protect you from liability. 

Count me in.