In other words...if their payment on the house was $1,000...and they could show that they claimed say....$1,000 a month in rental payments...teh lender will consider 70% or in this case $700 towards the payment. 

Currently there is a tenant in one of the units that the current owner claims is the ideal tenant.

It sounds very easy, but I think it takes more time, effort and money than some folks claim.  

Now the outside of the wing wall has fell and caused my portion to severly lean, and now they say it's ALL my resposibility, even though they told everyone else that their wall was their wall and my wall is 50/50.My Insurance does not cause pay for structural damage,claim denied.

If the LLC is treated as a sole proprietorship/disregarded entity, then the mortgage interest is claimed on your personal tax return in exactly the same way it would be if the LLC did not exist.  

I have recently found an owner who is willing to quit claim her deeds on 4 properties to me for free.  

That's only the P&I part of the payment, taxes and insurance are in expenses.If you're self managing you can earn the PM's cut, which is roughly a third of the 50% that goes to expenses, capital and vacancy.The danger with slicing this onion too thin is that you're tempted to shave a little off here and a little off there and you end up at an unrealistically optimistic evaluation. 

Some hard money lenders claims that can approve you without looking at your credit and assets, i would be wary of them because some lenders do not care if you have to foreclose on the property just as long as they get their money.

Home owner claims to be an investor who flips properties out in NY.

Truth be told, I signed a quit claim and walked to ease the greedy husband stress on my son, because I can make more money, but I can't remake my only child's emotional well-being if that were to continue.