My wife helped a plumber/HVAC friend do his 2018 tax return.His W-2 was $100k not to mention the self employed income from his side jobs& I bet he doesn't have a student loan.

I wish we could both qualify for FHA financing at once but the hubby who's a CPA just switched accounting firms last October so he wouldn't qualify without the 2 years of employment at the same company and my income alone probably wouldn't be enough to qualify me to purchase either property by myself, since a big chunk of my income comes from tips and self-employed side hustles.  

Don't have the time/inclination to self-manage, or interface with a manager?

And you will probably also have self employment tax and quite possibly the 3.8% ACA surcharge.  

FHA has a "self sustainability" guideline on 3 and 4 unit properties -- this means the property itself needs to generate enough income from of the other 2 or 3 units (other than the one you're living in) to cover the carrying-costs of the property 100% (mtg, taxes, insurance, PMI). 

@Jecarl VirayAs mentioned by others in this thread, if you're located in California, and are going to self-manage the LLC, any LLC you form whether in California or Indiana would be deemed to be "doing business in California" by the the California Franchise Tax Board and have a CA Form 568 obligation along with the $800 annual CA LLC tax. 

I figure 8%, but this is market dependent.Taxes are $93/month, according to Zillow.You've left out Insurance.You should also include Management (10%), even if you plan to self-manage in the begining.Will you be responsible for water/sewer?

I find my self in a bit of a pickle.

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/The site has quite a few tools that can be helpful for new members.

You should include this expense, even if you plan to self manage in the beginning.