A non-resident alien investing in the US adds wrinkles to tax compliance not encountered with your plain "vanilla" US citizen or resident alien tax return. 

Can we Non Resident Aliens use Standard Deduction now, as it is the only one left and in theory it should group the old Personal Exemption?

I quickly learned early on that straight rentals in my market was a non-starter, the price to rent ratio just didn't make any sense and it's only gotten worse over the years.An average home in my market is about $550k now but will only rent for $2k.

I sold myself to him; said I’d give him his asking price, give him $5000 down non-refundable (220k balance), 500 a month for 12 months, and pay him off after the year.

You mention Duplexes, Muti family of all sizes seems to be particularly overpriced.

Consider including a requirement like this: Tenant shall obtain a renters insurance policy that includes that the carrier must provide 30 days’ notice of cancellation, non-renewal, or material change in coverage, to the Owner.Yes, require each tenant and occupant over 18 to carry an insurance policy. 

When you're dealing with actual hard money lenders, private lenders, non-bank lenders, and you're submitting them a deal, usually all they want to know is the basics: purchase price, rehab cost, the ARV/exit strategy, etc. 

Also, say I’m able to obtain financing for 2 more non-owner-occupied properties.

You'll need to change the use from residential to hotel, which will require a lengthy process that includes physical upgrades and changes to the building.Basically the City wants the property to conform to safety standards for that particular commercial use.

It's two bedroom, two bath, needs new windows, doors, insulation (particularly the second floor), electric, plumbing, HVAC, kitchen, and the detached garage (single car) rehabbed as well.