I've listened to just about every podcast in the BP library, hell I was listening to "left field investing" before they got bought out back when they were on the "gentle art of crushing it". 

Or at least just getting all of your thoughts and numbers on paper (or in a spreadsheet) and mapped out over the time period you're talking about, I think would be a very helpful exercise for you.

If you obtain letters of interest, you can exercise your option.

There are some lenders that will do a DSCR loan with an option to purchase as long as they can't exercise the option for longer than one year.

I'm asking specifically because I am thinking about throwing a treadmill or elliptical machine in the living room if the person wants to exercise a little while they're there.The unit isn't huge (around 1k sq feet) and it will probably look tacky, but I was wondering if other people have found value in providing some simple exercise equipment, even if it seems out of place.

It might be a good training exercise at least running the numbers on some of the properties on the list. 

You can indeed transfer the FHA loan into an LLC if certain criteria are met, though your bank may exercise its due on sale clause and require you to get a new conventional mortgage.

Your first due diligence exercise in notes is to find out the qualifications, experience, knowledge and financial stability of the note seller-dealer!

@Isadore Nelson I'm currently seeing 154 available rentals on Zillow in the 19119 zip-code, ugh... is exactly the wrong way to analyze a neighborhood, lets use the 19119 zip code for this exercise: Did you know the 19119 zip code is ~ 3.5 Square miles? 

Beyond that, carrying - whether concealed or open - is mostly an exercise in machismo, since the vast majority of individuals that carry are men.