I do have a limit of ownership ($ of property owned) before I create a new LLC to help limit the liability somewhat. 

Very powerful method if you do your homework and due diligence on the repairs.

I want to say as early as possible but I think there should be a limit.

I agree, In my case I won't offer if I see there is a serious foundation problem, under or near high tension power lines, too near a cliff, flooded, burned, drug house, war zone, more than 3,000 sq ft, under 1,000 sq ft, clouded title.

Once over that limit, no matter if there is or is not any debt, PenFed will not move forward. 

., The half you lived in will be tax free to the limits of the sec 121 exclusion as everyone has said. 

--A requirement to insure the STR through a limited set of STR-specific insurers... discussed ad nauseum elsewhere on BP.

The GRM for the city limits varies between 60-85.

I know I missed out on quite a few properties by limiting my scope so much.

But the property would NOT rent at 1% of purchase price, unless I bought a crack house and flipped the hell out of it (perhaps wise, but I know my limits)Due to travel time to work, I'd HAVE to purchase near Stockton: Lodi, Manteca, perhaps Elk Grove.