Make sure to research property taxes, insurance, and any outstanding utility bills. 

I want to do an FHA loan, except for the fact that I don't have the few year span of tax documents needed to get a bank loan.

. $2,500-$2,700 in rent but have a $1,900 mortgage (including current property taxes) plus $100 for insurance, plus a 10% chance of no one renting and another 10% set aside for repairs.After all that I'm in a range of breaking even or making $200 a month with this as a rental.

We also do not really want to go down the whole personal guarantee, W2, tax return, credit score route... or is this something we will have no choice with without hard money in this climate?

As a hypothetical: if your total mortgage, interest, taxes ends up being $4.5k per month and you can have each person paying $1,200 then your personal portion is $2,100.

Fifth, elements outside your planning or control can increase expenses significantly; tax increases due to budgetary shortfalls, insurance costs doubling due to natural disasters, tenant damage beyond what the security deposit will cover.  

Therefore, there is no real tax benefit to having an LLC.You may also want to have a discussion with your attorney on the real level of protection you would receive from this strategy in your state. 

On your taxes do you write off the MI currently? 

Due to their liability protection and tax advantages.

These type of people always have a story about the job they're about to get, tax refund coming soon, inheritance, etc. and when you drill down you find out they lack basic things (ID) that would enable them to follow through on their plans.