Finally, I've been analyzing deals as practice just to get the math down to manage overall risk. 

@Armani Emon, from the prior two posts, which are both totally accurate, this is one reason consulting with an experienced real estate professional can be very beneficial, especially when starting out.Standard appraisal practice is to find the most recent sales, in the small radius of your subject, then start adjusting for beds/baths/size/finish quality/land/etc.  

But it will most likely matter a lot for most investors.Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

I truly believe an LLC would really only help if there's practically no interaction between you and the tenant. 

Practicing being a good landlord is the best way of not being sued.

I think the average person has two good options, 1 - be committed to learning how personal finance works and practicing good financial habits and planning for their own future.

So the income theoretically does not play a role in the value but, in practice, the better the income the higher and item sells for and therefore there is a correlation between income and appraisals even for the 4 unit and less RE (it is just not as strong as your post implies).The bathrooms over the closet is the correct choice if the numbers he provided are accurate.

She has not made a single cent in payment and is living there practically for free. 

Since you mentioned the need for giving ninety days notice, I assume you also know you'll need to pay for relocation assistance which ranges from $2,900 - $4500 per unit In order to evict.https://beta.portland.gov/phb/...

Lastly, I'd recommend the following books:Millionaire Real Estate Agent by Gary Keller - very practical book.