Before purchasing, I would make sure to figure out your area's vacancy rate and figure out what the largest corporations are that offer housing to their employees are.

Should the holding company be an S corp or LLC??

I talked to asset protection companies, Prime Corporate Services and Anderson Business Advisors (both have mixed reviews).

So, I know once I can focus on it full-time, I’ll be able to double my income from the business. 

Hi guys, does anyone have a free excel template for income and expense? 

The holder of the note makes no real difference; in Jane's case, it might be more advantageous to her to hold the note than sell outright depending on how she can absorb the sale from a tax perspective; in your case you don't have enough income to do a conventional loan so getting a seller carry can give you more properties.

Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.

If you don't have patience or expertise or time I would just sell and 1031 exchange into a property that generates income, appreciates and helps build wealth.

Most lenders but not all, should use the existing 2nd unit lease at 75% of gross for extra income to qualify on either loan types.

I am not sure how long each property needs a rental history in order for it to be counted as income, if they only count a certain percentage of this income, etc.