Hotel/Motel, Condo, Apartments all have had substantial rates because a lot of companies have either stopped writing the business or non-renewed it and the companies that will still write it have to take premium because of the risk they're taking on.I know that doesn't help you at all but my advice would be if you have an independent agent who you trust and like and believe they're doing the best they can for you stick with them and let them work all the markets for you.

This will keep you personally protected and allow you to run your real estate business far more effectively.

If you want to nit-pick reality, I guess I could get on-board… but the general concept is that you make allowances for the things you are talking about.  

I'm not looking for "get rich quick", but rather pursuing an area to allow livable income now while investing for the future.

Thats basically a commercial business loan...just for farming instead of running an accounting firm. 

I just depends on the lender as to if they will allow it. 

$300K should allow you to buy a duplex/2-unit and both doors should be offering a profit even at 15% down.If you are in a situation where you are getting hit with high taxes, high rate, low rents it might be a "Walk away deal".I have to have conversations daily talking people out of buying a particular home because its a bad deal.

If you are married to your partner (spouse) it’s a little different, but business partnerships can be more challenging - especially when things aren’t going well.  

I Know I can get an LLC online, but do I need a business license or should I get one if I'll be managing the rental units?

As long as your friend has no business or family relationship with you, you have possibly started a correct 1031 exchange.