The limited impact extra payments have on the interest applied to the payments you are paying makes it sound good, but in practice it proves to be a waste of good money.

The lender would include net rental cash flow as part of the income qualification for each subsequent loan to build the portfolio.My questions are:  is this standard practice? 

Stated income is practically gone.Seasoning is a huge issue right now.A NOO loan will currently require up to 6 months of seasoning.

That's called a 'meritocracy' and I like playing on that field.In the meantime, just in case, whenever I get too worried I just look in the mirror and practice saying: "Can I supersize that for you?"

Like all entities though, strict accounting practices are essential to isolate you from the entity, very important to keep the vail intact. llc's are subject to charging orders so the veil can be breached.

As soon as the sale list is published I will take a trip over to the clerks office and look up a couple of the properties, this should give me time to practice and learn the ropes before the actual sale (3-4weeks later).

I wish to capture a fee from this indirectly since I am prohibited from directly profiting from a law practice since I am not a lawyer.

No need to over pay but still focus generating profits.As a tangent, what sort of law are you practicing now?

Managing risk is a part of good management practices!

. - you seem to be quite aware of the housing rules and practices for Section 8.