If you are considering of living in the multi, you will achieve ultimate financial benefit of having a decreased living exposure, this should be the goal.

Meanwhile, they can be expensive and burdensome in proportion to their benefits, especially for a small investor ... $800/yr state franchise tax here in the People's Republic of California, and it doesn't matter if the LLC or properties are out of state, CA still wants this fee if you live there. 

Could you please explain the FHA loan and the benefits of it concerning starting invested with a small amount of capital (20k)?

Find a mortgage banker that will give you credit using the lease agreements.You should be able to do a HELOC on your primary residence to get to 90% LTV.VA loans will let you go to 100% LTV as long as the loan is within the county limit and you have benefit available to cover the loan.

Below are what I know as options.1) Conventional - My dad gets the lump sum, but I don't get any benefit 2) Land Contract - My dad wins the "long game" with financing it to me, maybe he'd offer a price break.3) Living Trust or Land Trust?

You may want to visit with them face to face and share your desire to be a benefit to the neighborhood.

So those small business who is having turnover of more than 10 lakh a year can start LLP to enjoy additional benefits.

I really want to know about forming an LLC so that I can get the tax benefits for all the improvements I have made to this house to prepare it for renting. 

My main focus is to learn about investing and use my broad connections so I can create relationships that benefit the both of us.I look forward to chatting with all of you!

LOTS of lookie-lous and showings are non-productive for both me and the applicant.Another benefit is the application shows their income and that's a  prequalifier to being accepted (no, this does not include CR/BG reports) as I require 2x the rent.