There are pros and cons to each, don't just assume assume which is better for you.......as Ned mentioned, learn the differences first.While Articles and an operating agreement can be amended, it can be more expensive backing up and heading off in another direction or correcting aspects that should or could have been accomplished from day one, with more thought as to  what the future may hold.You're giving birth to an alter ego, unlike kids, we can form the LLC to adapt and grow in as we want them to, it's the planning I'd say most miss.

Just want to to get it right.When I locate a property of interest just listed as "NED RECORDED:" on a local government foreclosure list, what is my first best move?   

But as @Ned Carey points out, if you are willing to buy the very cheapest properties and can keep the costs of a full rental rehab down, you can do even better than 2%.

sounds like you have permanent residence in the US - so you actually will be treated like an USAmerican by the Feds - you might want to know if you have any obligations to your home country on CG asn/or rental income, and all the local laws - but as a permanent resident you are not really the same as a true foreign investor, and you have a lot more flexibility but will also be taxed accordingly - so that would need to be clarified.

As @Ned Carey mentioned, start now to build a good relationship with portfolio lenders.

But, as @Ned Carey said, you can find the lower income areas even in resort towns.

As @Ned Carey mentioned, the HML would only be for the initial "first" purchase.

As @Ned Carey mentioned, you can do it yourself, but it's better to have a professional work through it with you.

If a tenant will be paying for it, then you can mark as N/A.

As @Ned Carey mentioned correctly, Philly's multi-family market is over priced.