All of the data is shown right in front of you, and you have to apply your own heuristics for selecting the appropriate comps including their age, distance from the subject, counts of rooms, size within of each other, lot sizes, etc.We can discuss all day long about how good or bad Zillow data is, and honestly, it depends very much on the market, and how quickly a sale gets reflected in the public record.In my SoCal market, it's actually pretty quickly, and I often end up using a blend of suggested comps from Zillow and my own comps that I import from other places such as Redfin, your free MLS alternative.

Would each house need its own bank account, security deposit account, and credit card in this setup?

I do not have an interest in working as a RE so I'm hoping there is another option to access properties other than what is out there to the public.

Figure 10% higher tax (cap gains vs ordinary) and SE tax isn't too bad If someone is over the Social Security limit however still sucks paying it. 

FHA requirements for owner-occupancy state "At least one borrower must occupy the property within 60 days of signing the security instrument and intend to continue occupancy for at least one year".Not sure what your exit strategy is, but keep in mind you need to season the title 6 months before you can cash-out refinance into a conventional loan and use the higher ARV.

Directly from Allregs  Fannie Mae's guides:Limits on the Number of Financed PropertiesIf the mortgage loan being delivered to Fannie Mae is secured by the borrower’s principal residence, there are no limitations on the number of other properties that the borrower will have financed.

I was just thinking...If you find a suburb with consistent growth, growing number of jobs and diversified industries, a nearby bustling metro, talks of public transportation... would you build an airport?

The US Dept. of Justice seems to think real estate commissions are getting out of hand and though the rebates in their examples are very Weak, and consumers can save a lot more, they're trying to alert consumers of the savings that is available to themDepartment of Justice: Rebates Make Buying a Home Less Expensivehttp://www.justice.gov/atr/public/real_estate/rebates.htmlConsumers Can Save Thousands of Dollars in Commissions http://www.justice.gov/atr/public/real_estate/commission-table.html40 States that allow realtors to offer rebateshttp://www.justice.gov/atr/public/real_estate/rebates-details.htmlBesides the US Dept, of Justice, exactly what does the dear leader of Keller Williams have in store for the Mortgage Industry here in his Youtube videos?

They are having a hearing open to Landlords, Tenants and stake holders (general public as well) to provide them with your comments, concerns and ideas.

It's a small city near a large city and I am primarily looking in a student neighborhood by a medium sized public university, which I like for knowing that there will always be renters.