I will also start an LLC for security reasons but am very new to owning a business especially with these stipulations. 

Just factor in fixing the reason the basement flooded (could be easy like clogged gutters or extending the down spouts or maybe the sump pump hasn't worked because the electric is off or it could be expensive like digging around the foundation, parging the walls and then adding a french drain or could be real expensive and have a cracked foundation so you need to know) mold remediation and door replacement (if they're really bad) into the renovation figures.  

My question would be how do you know what your payments would be if you have not yet qualified for a loan because if you were already qualified for a loan then I do no see the reasoning behind your question about qualifying for a loan. 

The basic reason you would want to keep getting more properties is because the return in real estate is higher than the cost of borrowing, so you want to borrow as much money as you possibly can and make it all generate profit for you. 

I've found actual listings to be reasonably accurate data points on both the sale and rent side of things.

Honestly, it doesn't really make a difference at this point.As long as the rates are reasonable

All of this seems reasonably plausible, which is why I'm bothering to ask about it. 

That is a major reason I got into notes - you can profit in a hot market like now or in a down market since your acquiring the debt at discounts.

@Aarron Light  Super interesting.I've always wondered about moving a home from a low cost of living area, where you can essentially purchase it for free or next to free and relocating it, within reason, to a higher cost of living area, set it and be well ahead.I was going a little extreme and wanted to relocate homes from Ohio/Michigan over to Ontario but couldn't seem to get any traction on import regs. 

Life happens, and if an otherwise long-term good tenant is late on a payment for some reason, or needs to double up next month or 1.5 over two months, and it really only happens once, I allow that.If you have a 4.5 year tenant who you said is decent, and who is late on one payment in 4.5 years, and you are evicting them, you kinda deserve some vandalism!!!