From the research I’ve done, we wouldn’t have enough saved to put the standard 20-30% down without the sale of the flip, and we are over the income limit for a USDA loan.

This only works on flips and BRRRRs, otherwise you won't be able to pay off that much debt unless you have other sources of income coming in.This is what I did on my last deal in TX. 

I would also prioritize trying to replace your regular 9-5 job and then gradually increasing your income with more experience.

I had one owner who was stuck with only $700 of income for 4 months because it was the last remaining room lease before we could rent the house to a single lease holder.  

It depends on if you're an llc or not, it depends on what state you live in, it depends on if you're a single member llc or a multi member llc- ultimately the numbers flow on to your tax return- your 10:40.

My first land deal I had UC for $900 plus 2k in back taxes and 1800 for my attorney to close it out.

To register, an owner must provide a completed application, proof of ownership, designation of a responsible party, a copy of the City of Bradenton’s business tax receipt, a current and active license as a TPLE, a current certificate of registration from the Department of Revenue, an exterior site sketch, an interior building sketch, a blank rental agreement, and any pre-existing rental agreements.

The building generates an annual gross income of $120,000.

Things to consider are self management, travel distance, property taxes, insurance, resource availability. 

This is completely up to you, If an individual came around with perfect credit and met your other income requirements I assume you would rent to that person.